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WTI CRUDE OIL: 44 IS THE BASE AND UPSIDES ARE UPTO 65/75$ IN NEXT 35/40 WEEKS {CMP 54.03$}{13 DECEMBER 2016}


Since RSI on monthly charts are rising we take from it that the move is on for the current rally for at least 25$from 40$ which coincide at 65/66$ and which is a Fibonacci retracements level of 50% of the fall of 106$ to26$, and further above to 73/75$ as termination which are various fib and long term moving averages supply levels.


WTI CRUDE OIL (MONTHLY CHART)



WTI CRUDE OIL (MONTHLY CHARTS


CONCLUSION::-44 is the base for now and 65 to 75 are the supply areas in next 34/39 weeks.

FUNDAMENTALS:-Since the 100 month average are @76 long-term shows that the capacity cost of production somewhere lies in that area of around 75/76 and again OPEC which have a difference of opinion and will break downtheir togetherness due to greed. Long term crude oil story after spikes with time correction ending somewhere between 75/80 weeks will be again southwards on correction mode. Currently we are at 41st week and still we have 34/39 weeks more ahead for the rally to continue before any terminal.


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