FXHighway
Short

Crude oil resumes the bullish track

NYMEX:CL1!   Light Crude Oil Futures
97 0 4
Target: 41.88
Risk: 47.00

Technical reasons:

Crude oil             price is placing descending tops since last month, to form triple top formation that appears on chart, which puts the price under negative pressure that we expect to push it for bearish correction of the short term basis.

After breaking 23.6% Fibonacci – for the rise from 26.06 to 51.67-, the way is open to visit 41.88 level mainly.

The exponential moving averages 50 and 100 support the expected decline, while breaching 47.00 will release the price from the current negative pressure and push trading to rise again.


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