04/03/15 Light Crude Oil prices breaks out of descending triangle


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Light Crude Oil prices breaks out of descending triangle and holds above 50.00. Bullish momentum starts to increase as we see continuous upward price movement. After establish a strong support at 48.74, we can expect the pair to continue holding its gains in the long run. Stochastic oscillator is steadily moving towards the overbought region and we can expect the pair to further its gains towards 54 which was the resistance during the bullish movements during February.

 

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Focusing on H1 chart, candles found a higher support at 49.60, forming a higher low, indicating the start of a bullish trend. Should candles break above 51 today, we can expect the pair to continue further its gains for the week at least till 52.27 before exhaustion occurs.

 

Trend Direction
 S3
S2
S1
R1
R2
 R3
Bullish in the long run48.7449.6050.0051.0052.27 54.10

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