Crude Oil Futures Analysis – 18July2019

Crude Oil futures are currently at $55.75, and they have been correcting for last 7 consecutive trading days, with accelerating value, with bulk of the correction coming in last 3 days. And it has failed a recent breakout in the rising trend channel. The current support is at 53, which should hold, and we can see a rebound to 57, and 60. The upside target is 64, after crude oil future close above 60 for two consecutive days. As mentioned in previous posts, crude oil will become bullish on closing above 60.

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