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Crude Oil Breaking Out?
NYMEX crude oil certainly does look like it is on the verge of an upside breakout that should have no trouble hitting, and then exceeding $100/bbl.
Of course, just why oil is climbing is anyone’s guess, but it is what it is, and right now it is a very constructive set-up that points towards an approaching thrust that test a two-year resistance line, now at $103.60.
Only a failure to hurdle $100, followed by a decline that breaks $96.50 will wreck the "thrust" set-up.
