Crude oil has been trading in a higher top higher bottom formation on the daily as well as the weekly charts indicating the trend to be bullish in the near term. In the past couple of days crude has witnessed correction which seems to be organic, further it is approaching the 23.6% retracement level of the rise experienced from 5th January to 8th March. It is likely that crude could rebound towards $64.50 and $66.00 while it sustains above $62.60.
Technical Analysis Team
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