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Will Crude Make It to $85?

By Jim Wyckoff

 About this article:
 On Friday, crude oil futures for November delivery on the New York Mercantile Exchange scored a fresh 11-month high above $78.00 a barrel. Very important from a technical perspective, this week's price action on the crude oil daily chart produced a bullish upside breakout from a four-month-old sideways trading range at higher levels. November Crude Oil FutureSource.com and TradingEducation.com The upside technical breakout now suggests that nearby Nymex crude oil futures prices will soon challenge chart resistance at $80.00 and then $85.00 in the coming weeks. November crude oil prices are presently in a steep three-week-old up-trend on the daily bar chart from the Sept. 25 low of $65.05 a barrel. While the crude oil market bulls have gained fresh upside technical momentum this week, prices are also now...

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