Nymex Crude might see gains towards $58-$60 – MPTrader

FXStreet (Barcelona) - Mike Paulenoff of MPTrader, explains that crude oil remains resilient despite bearish headlines, and might see further upside continuation towards $58-$60 on a break of the near-term resistance at $51.86.

Key Quotes

“In the aftermath of its upleg from $47.05 to $54.13 NYMEX Crude Oil has corrected 50% of the advance, and could have established a double-bottom corrective low at $50.37, and at $50.63.”

“To confirm that a significant pullback low has been established, NYMEX Oil must first hurdle its nearest-term resistance line, now at $51.50, and then follow through to take out near-term resistance at the prior rally peak of $51.86.”

“Should such a scenario unfold, my work argues for upside continuation to $58-$60.”

“Only a decline that breaks and sustains beneath $50.00 will compromise the developing technical set-up.”