FXHighway
Long

Crude Oil exits the sideways range: heading North

NYMEX:CL1!   Light Crude Oil Futures
206 0 4
Target: 60.00 - 67.00
Risk: 50.50

Technical Reasons:

The sideways range resistance was breached at 54.20, and Crude oil             price is attempting to build support base above it, thus, the price exits the sideways track that dominates trading since the beginning of this year.

Stochastic offers positive signal that forms a motive to push the price to start bullish correction for the bearish wave measured from 107.50 to 42.03.

The exponential moving average 50 supports the price from below, and breaching 57.50 will extend the gains to reach 67.04.


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