Commodities Weekly (04Nov ’17)

Oil prices continue to strengthenExtending gains with rising momentum and a bullish Tension Indicator.

The close above critical monthly resistance at the $55.24 high of January has opened up the $57.35, (38.2%) Fibonacci retracement of the 2014-2016 fall.

Beyond here is the $62.58 high of May 2015.

An unexpected close below the $52.68 high of September will delay gains and prompt a Downgrade to Neutral.

Subsequent focus will then turn to congestion within $49.00-$50.00.

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