Crude Oil Daily Forecast Jan 05 2015

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Outlook in Crude Oil remains on the downside as long as 52.00 resistance holds on a 4-hour closing basis, support comes at the 50.00 levels, a halt is likely but a cut would open 48.00 next, further down will target the 47.00 levels.

On the upside , resistance comes at the 52.00 levels , break of the 52.00 levels on a 4 hour closing basis will turn outlook neutral and open 55.00 levels  before the next fall , If 55.00 is taken out on a 4 hour closing basis , expect recovery to be extended  towards the 59.25/60.00 levels before the next possible fall..

In all, as long as 52.00 resistance holds on a 4-hour closing basis, the outlook in Crude Oil remains on the downside towards the 50.00 levels ahead of the 48.00 levels, above 52.00 will reverse risk towards the 55.00 levels before the next possible fall.

Crude Oil Daily Forecast Jan 05 2015

 

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