Crude Oil Showing Key Technical Event

The CLc1 Crude Oil future contract is now showing a key break-out right above a previous critical resistance area: the upper part of a wide trading box, which is shown below.

The referred trading box goes from  39,50 US$ to 55 US$, and is being left behind after the November 3rd break-out, which is marked as #1 technical event. After the referred # 1 break-out, CLc1  showed a moderated re-test using now the box as a support. This retest is marked as # 2 event.

Finally, the crude oil made a solid, almost potent green bar showing strenght, marked as # 3, and showing a BUY alert, form the referred box formation support.

Prices are now trying to overcome the recently formed resistance (supply) marked with the #4, which is a critical moment for crude oil, because is a very recent supply formation,which is not easy to be absorbed with moderated volume. 

If crude oil finally keeps that 55 area as a support, we have good chances to see a serious attempt to penetrate the next  supply area which is located between 56 US$ and 62 US$.

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