WTI Crude likely to continue its uptrend

10 December 2020

WTI Crude oil has been trading in a higher top higher bottom formation suggesting the trend to be positive in the near term, momentum indicators are also in buy mode corroborating the above observation. Oil is also trading above the 20-day moving average supporting the bullish view and indicating further upside potential. It would be prudent to say that crude can rise further towards 46.50 and 47.00 while it sustains above 45.00.

Prepared by
Technical Analysis Team

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