Crude oil likely to rebound

02 March 2021

Crude oil has been trading in a higher top higher bottom formation suggesting the trend to be positive in the medium term; currently it stands at the 20-day SMA indicating it could rebound from current levels. RSI has dipped, albeit remains in the buy zone supporting the above observation and indicates further upside potential. It would be prudent to say that Crude oil could rise towards $61.00 and $62.00 while it sustains above $58.50.

Prepared by
Technical Analysis Team

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