Crude Oil Daily Forecast Jan 16 2015

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Outlook in Crude Oil remains neutral with to the downside as long as 48.95 resistance holds on a 4 hour closing basis , a failure to hold above the 48.95 levels could mean a return to the 45.79 levels , a clear break below this level is needed to restore the downside momentum and open 44.15/43.60 levels.

On the upside , sustained trading above the 48.95 levels will build strong pressure on the 50.00/51.40 levels ( weekly resistance ) , a halt is likely , but a clear break above the 51.40 levels will turn focus on the 52.50/55.00 levels..

In all , as long as 48.95 resistance holds on a 4 hour closing basis , outlook in Crude Oil remains neutral with risk to the downside towards the 45.79 levels , a clear break above the 48.95 will look for the 50.00/51.40 levels before the next possible fall…

 

Crude Oil Daily Forecast Jan 16 2015

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