Crude oil Re-testing the breakout point
NYMEX Crude Oil has been consolidating in a triangle since January. However, it has managed to break to above triangle. It is now re-testing the breakout point. The bulls will dominate once it manages to break above the swing high of 55.03. It has started making higher tops higher bottom on the daily. On the way down, the 20DMA will act as strong support in the near term. On upside, it is likely to head towards 56.85 once it manages to break above the resistance zone of 55.03 – 55.24. The momentum indicator is in buy mode. Dips towards 20DMA shall be seen as buying opportunity as long as it is trading above 50.70.