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CRUDE OIL: Susceptible But With Caution Above 45.21 Level

CRUDE OIL: The commodity may have closed lower the past week and reversed most of its previous week gains but on the daily chart it has put in a temporary bottom. This could trigger further recovery in the new week. On the downside, support resides at the 47.00 level where a break will expose the 46.00 level followed by the 45.00 level. A cut through here will aim at the 44.00 level. Conversely, resistance is located at the 48.00 levels where a break will expose the 49.00 level. A break above here will aim at the 50.00 level and then the 51.00 level. All in all, Crude Oil remains biased to the upside on more strength though with caution

US_OILWeekly

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