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3 Mar 2015
NYMEX Crude poised for recovery towards $58-$60 – MPTrader
FXStreet (Barcelona) - Mike Paulenoff of MPTrader, gives the technical outlook for NYMEX Crude oil, noting that the current price action appears poised for upside recovery continuation.
Key Quotes
“Nearby NYMEX Crude Oil looks like it has turned up into a secondary recovery rally effort that should hurdle the declining 50-Day EMA, now at $53.15, and the prior rally peak at $54.34, in route to a near-term target zone of $58-$60.”
“At this juncture, only a decline that breaks last Thursday’s reaction low at $47.80 will compromise the current set-up, and instead indicate that a test of the Jan 29 low is likely prior to the anticipated recovery rally to $58-$60.”
Key Quotes
“Nearby NYMEX Crude Oil looks like it has turned up into a secondary recovery rally effort that should hurdle the declining 50-Day EMA, now at $53.15, and the prior rally peak at $54.34, in route to a near-term target zone of $58-$60.”
“At this juncture, only a decline that breaks last Thursday’s reaction low at $47.80 will compromise the current set-up, and instead indicate that a test of the Jan 29 low is likely prior to the anticipated recovery rally to $58-$60.”