themarketzone

Oil can rally to 55$ if it will overcome the 50$ price zone

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
Crude Oil             has been on a rally since it touched the 43$ support zone . With all the MA lines lining up as support now, Oil             continues to look bullish .
Right now Oil             is struggling with a weekly resistance zone - The 50$ handle.
This Zone can send Oil             back towards 45-46$ to test the support zone found there...
But if Oil             will breach above the 50$ handle, it may rally all the way to 54-55$ to meet a strong daily resistance zone that includes 2 harmonic patterns: Bearish Gartley and a bearish Butterfly pattern.

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Tomer J,
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