Crude Oil Weekly Forecast Dec 22 2014

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Outlook in Crude Oil remains on the downside as long as 65.81 resistance holds on a weekly closing basis ,support comes at the 52.69 levels . At this point I’d expect strong support from the 52.69 levels to contain the bearish trend and bring rebound , however; sustained trading – weekly closing – below the 52.69 levels will bring sell-off towards the 43.59 levels ahead of the 32.40 levels.

On the upside , main support comes at the 52.69 levels , a failure to hold below the 52.69 levels could mean a return to the 60.00 levels ahead of the 65.81 levels, a halt is strongly suggested , but a break will suggest short term bottoming and open 74.00 levels…

In all , as long as 60.00/65.81 resistance holds on a weekly closing basis , outlook in Crude Oil remains on the downside towards the 52.69 levels where a cut will open 43.59/32.40 levels , a rejection from from the 52.69 could bring rebound towards the 60.00/65.83 levels..

 

Crude Oil Weekly Forecast Dec 22 2014

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