FxWirePro

NYMEX Crude Futures edgy at make-or-break levels at 42.22

NYMEX:CL1!   Light Crude Oil Futures
386 8 2
We began stating "Wait and Watch" approach for the breach of a stiff resistance at 42.22 levels as there have been series of significant data events are lined up that could have adverse impact on crude. (OPEC meeting on 17th April, EIA's inventory levels and OPEC's demand forecasts for 2016 are reduced).

Technically, CL1!             ( crude oil             futures ) currently showing upside potential as bears push southwards at 41.50 or 41.20, bulls are highly active at these levels but seems to be panicky at 42.22 levels, that is where we see the strong resistance.

This was probably due to the Saudi Arabian oil             minister downgrades the freezing  topic of oil             production.

Earlier today, the commodity has tested supports at 40 levels to jump upto 42.22 levels (almost 5.55% increase in a day so far).

While, buying momentum has been intensifying as the daily RSI & stochastic indicators are converging to these price spikes and current prices jump above 7 & 21DMA.

Will Dragonfly push even higher for trend reversal?

On monthly plotting, so far it's been luring effect that the bulls may tend to jump into conclusion, however, whether it is a trend reversal, that's million dollar question. This is yet to be confirmed by lagging indicators although strong bounces from last three months after the formation of "Dragongfly Doji".

MACD still remains in the bearish trajectory, while current price on monthly still well below 21EMA despite the attempts of bull swings.

Our earlier medium targets have been very well achieved, refer below link for more readings on our previous post:

http://www.econotimes.com/FxWirePro-WTI-CL1%21-buying-set-up-stay-long-in-near-month-futures-for-targets-at-%243838-and-%2440-173619

Targets achieved -  T1 at 38.38 levels and T2 at 40.
always a great read, thank you
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so is your current target 40???
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The above targets have already been achieved, prevailing price is 41.76. The weblink which we furnished is for the call gave on 7th of last month.
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Sorry Fx, is still valid the second TP for USOIL?
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The above targets have already been achieved, prevailing price is 41.76. The weblink which we furnished is for the call gave on 7th of last month.
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The above targets have already been achieved, prevailing price is 41.76. The weblink which we furnished is for the call gave on 7th of last month.
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MiDiGre PRO FxWirePro
Yes, but I'm telling about 42.73 target of USOIL. is it gone?
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Since data events (OPEC meeting on 17th April, EIA's inventory levels piles up and OPEC's demand forecasts for 2016 are reduced) surrounding this commodity prices, there was neither mention of 42.73 in the above write up nor in the link which we've furnished.

However, Wait & watch approach is exclusively for skeptic bears or for traders who wants to play it safe, if you're an aggressive then our bravehearted call is bullish bias.
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