Michael_Macdonald-XATSUK

Oil poised for multi-month gains

NYMEX:CL1!   Light Crude Oil Futures
The break beneath the USD42.55 low of September was not sustained, with prices bouncing sharply from USD42.20 to pressure critical resistance at the USD51.67/93 highs of June-October.

Improving studies, alongside bullish background readings, anticipate further gains in the coming months, with a close above here confirming continuation of the broad rally from February. Subsequent focus will then turn to the USD54.00, (76.4%) retracement of the 2015-2016 fall, as investors adopt an outright bullish stance, with continuation opening up the USD57.25, (38.2%) retracement of the 2014-2016 fall.

Any corrective pullbacks should remain limited, as investors maintain a buy-into-weakness strategy, with the USD42.20/55 area to underpin downside risks. An unexpected break, however, will turn investors cautious once again, and target congestion around USD40.00. However, a close below the critical USD39.19 low of August is needed to turn investor sentiment outright bearish .
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