Crude Oil Daily Forecast Feb 02 2015

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Short term outlook in Crude Oil has turned to the upside as long as 46.75/45.51 support holds on a 4 hour closing basis , resistance comes at the 48.80 levels , a break would target 50.00 next , a halt is likely but a clear break will pave the way towards the 52.00 levels ahead of the 54.00 levels..

On the downside , losing the 46.75 levels will open main support at the 45.51 levels , a halt is likely ¬†, but sustained breakout blow the 45.51 levels will terminate the current bullish run and open 43.59 levels …

In all , as long as 45.51/46.71 support¬†holds on a 4 hour closing basis , outlook in Crude Oil remains on the upside towards the 48.80 levels ahead of the 50.00 levels , below 45.51 will reverse risk towards the 43.59 levels and possible lower towards the 42.00 levels…

Note that sustained trading above the 48.80 levels will turn 48.80 from resistance to support level…

 

Crude Oil Daily Forecast Feb 02 2015

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