We have published a detailed forecast and technical analysis yesterday. - See Attached -
After testing 52.70 Crude Oil prices dropped 2 USD triggered by the EIA Inventories Data.
As we have mentioned before 50.20 was a strong support.
The double Bottom formation has been completed. Crude Oil broke the 52.70. The target of the formation is 55.20.
53.13, 54.91, 54.69 will be the first three targets of the Crude Bulls.
Daily Closings above 54.59 will be the confirmation of the trend reversal from Bearish to Bullish.
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Update: Lates Chinese Data does not meet the expectations. This may add weight on commodity prices. Crude Oil moves below 52.37. Crude Prices need to make Daily Closing above 52.34 - 52.70 $ to continue its Bullish Move.