Shubhlaxmi Commodity
Investing Wisely

Crude oil Bulls take control 22 February 2016

NYMEX crude oil tumbled down significantly in the last few months. However, the fall looks over at least from short-to-medium term perspective. The oil has completed an impulse in its previous fall. It got extended beyond the equality and channel targets. From the low of $27.56, the oil has entered a pull back mode, which is breaking up into lower degree waves. It has a potential to form an expanded flat pattern. The short-term momentum indicator that was showing positive divergence has triggered a bullish crossover. Thus, till the time the swing low of $28.70 holds, the oil can bounce till $34.82-36.50.