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Technical Outlook: US Crude Oil Surged Near $53 Per Barrel On Geopolitical Risk

US oil accelerated strongly higher on Friday and hit one-month high at $52.92 on renewed geopolitical risk on US military action in Syria.

Oil price extends strong rally from $50.75 higher base for the second day, accelerating through $51.97 pivot (Fibo 61.8% of $55.01/$47.06 descend) and hitting the base of thin daily cloud (spanned between 52.96/53.74) so far.

Fresh strong bullish sentiment that has established, neutralized fears of failure to sustain break above psychological $50.00 barrier, opening was for further upside action that may bring in focus key med-term barriers at $55.22/01 (peaks of 03 Jan / 21 Feb).

Oil is also on track for the second straight strong bullish weekly close that also gives positive signal.

Dips on profit-taking should find solid support at $51.59 (55SMA / session low).

Res: 52.92, 53.13, 53.44, 53.78
Sup: 52.24, 51.97, 51.59, 51.41

Windsor Brokers Ltd
Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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