Adam Smith Associates - A move above 52.30 would break out crude


Crude fell over the last week to the lower Bollinger band and has started higher. A move above 53.20 would breakout of the small falling channel and start the next move higher. The move would have the potential of testing the 62-66$ mark. 50.75 and 52.70 are support levels. The 40 day exponential average [40dema] the green line is a support for prices holding which on a closing basis I would expect the start of a new rally to new highs.



Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article is purely of the author - Mr Rohit Srivastava - a leading technical analyst.

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