Crude Oil Daily Forecast Feb 11 2015

oil-65984-min-compressor

Outlook in Crude Oil remains on the upside as long as 47.35/50.61 support holds on a daily closing basis  , resistance comes at the 53.13 levels , above the 53.13 will look for the 55.75 levels , a halt is likely but a break would open 59.00 next , further upside will target the  62.70 levels.

On the downside , support comes at the 50.61 levels ahead of the 47.35 levels (main) , losing the last one on a daily closing basis will terminate the current bullish run and open the 43.57 levels where a cut will open the 40.00 levels.

In all , as long as support 50.61 holds on a daily closing basis , outlook in Crude Oil remains on the upside towards the 55.75 levels ahead of the 59.00 levels , below the 50.61 levels will turn outlook neutral towards the 47.35 levels before the next rise..

Note that losing the key support 49.86 will build strong pressure on the 47.35 levels , but in return , a rejection from the 49.86 levels followed by a daily closing from the 50.61 levels could mean a return to the 53.00 levels …

 

Crude Oil Daily Forecast Feb 11 2015

MARKET DATA

UPCOMING ECONOMIC EVENTS