We have seen a good recovery within the past week in crude prices, the price has managed to take the main descending for the overall major wave shown on chart, and that is constructive so far. However, watch carefully 54.25 horizontal which acts as a main barrier towards a deeper rebound in crude prices. A break above that resistance at 54.25 will probably clear the way for further shift in the short term technical outlook towards a target of 58.70 areas.
Note that so long as price is trading within this triangle i outlined on chart, it will probably remains sideways biased.
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