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FXStreet (Barcelona) - Mike Paulenoff of MPTrader, shares the outlook for Nymex Crude oil, anticipating a resumption of strength in oil prices.
Key Quotes
“Today represents the 6th session of sideways price action just above key, upside-breakout support at $54.50.”
“My pattern work argues strongly for the resumption of strength in the upcoming hours-- up and away from the support plateau-- into new recovery, high ground that projects to the $62.00 area next.”
“The fact that oil is rallying after this morning's inventory report (a build, within a well-supplied market) is very constructive technically, and suggests that the oil market "wants to move higher," and is discounting a fundamental condition that is less over-supplied going out to the end of 2015 into 2016.”
