Crude oil Weekly Forecast Feb 09 2015

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Outlook in Crude Oil remains on the downside as long as 52.84 resistance holds on a weekly closing basis , support comes at the 48.33 levels where a cut will open main support at the 43.59 levels , a halt is likely but losing this level would open the 40.00 levels.

On the upside , main resistance comes at the 52.84 levels , sustained breakout -weekly closing – above this level will suggest short term bottoming and bring consolidation below the 66.12 levels.

In all , as long as 52.84 resistance holds on a weekly closing basis ,outlook in Crude Oil remains on the downside towards the 48.33/43.59 levels , sustained breakout above the 52.84 levels will turn outlook neutral and bring consolidation below the 66.12 levels.

 

Crude oil Weekly Forecast Feb 09 2015

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