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- WTI crude oil broken major psychological resistance at $50 in the previous week and has closed well above that level. It is currently trading around $ 51.01.
- Crude oil prices jumped sharply almost $3 in the previous week as OPEC panel is expected to extend the production cut till end of the year in the meeting to be held in Vienna. Saudi Arabia and Non-OPEC producers Russia last week agreed to prolong the current deal on cuts.
- Technically, crude oil is looking very strong as it has closed well above 89- W EMA in the weekly chart. It confirms further bullishness, a jump till $53.74 likely.
- On the lower side, major support is around $50.10 (21- W EMA) and any indicative close below will drag the black gold down till $49.05 (55- W EMA) /$47.50 (50% retracement of $43.79 and $51.23)/$47.
It is good to buy on dips around $50 with SL around $49 for the TP of $53.50.
