Crude Oil Daily Forecast Feb 06 2015

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Outlook in Crude Oil remains on the upside as long as 50.99 support holds on a 4 hour closing basis , resistance comes at the 52.06 levels , a halt is likely but a break would open 54.20 next , further upside will target the 55.25 levels.

On the downside , support comes at the 50.99 levels , losing this level will suggest short term topping and open 49.44 levels , a halt is likely but a cut will continue falling towards the 47.35 levels , further down will target the 45.51 levels.

In all , as long as 50.99 support holds on a 4 hour closing basis , outlook in Crude Oil remains on the upside towards the 52.06 levels ahead of the 54.20 levels , below 50.99 will bring a corrective pullback towards the 49.44/47.35 levels before the next move….

On the daily time frame , the pair is neutral , trapped within 47.70/54.20 levels , losing the 47.70 levels on a daily closing basis is needed to restore the downside momentum ……..

 

Crude Oil Daily Forecast Feb 06 2015

MARKET DATA

UPCOMING ECONOMIC EVENTS