CRUDE OIL: Bounces Off Key Support, Targets Further Upside
May 29, 2014 8:29 pm
CRUDE OIL: With the commodity halting its weakness and taking back some of its Wednesday losses on Thursday, it now looks to extend that strength. Except it returns below the 102.64/61 levels, our bias remains higher with eyes on the 104.49 level where a break will pave the way for a run at the 104.98 level. If this broken, expect more gains to occur towards the 105.27 level where a breather may be seen. But if taken out, further upside could follow towards the 106.00 level and then the 106.50 level. Conversely, support lies at the 102.64/61 levels. However, if zone is taken out, support comes in the 101.27 level with a break of here opening the door for a run at the 100.00 level. All in all, Crude Oil remains biased to the upside in the short term though hesitating
CRUDE OIL: With the commodity halting its weakness and taking back some of its Wednesday losses on Thursday, it now looks to extend that strength. Except it returns below the 102.64/61 levels, our bias remains higher with eyes on the 104.49 level where a break will pave the way for a run at the 104.98 level. If this broken, expect more gains to occur towards the 105.27 level where a breather may be seen. But if taken out, further upside could follow towards the 106.00 level and then the 106.50 level. Conversely, support lies at the 102.64/61 levels. However, if zone is taken out, support comes in the 101.27 level with a break of here opening the door for a run at the 100.00 level. All in all, Crude Oil remains biased to the upside in the short term though hesitating
GET THE FULL ANALYSIS WITH 4-15 TRADE ALERTS DAILY
UNPARALLELED ANALYSIS covering EURUSD, GBPUSD, USDJPY, AUDUSD, EURJPY, EURGBP, USDCAD, USDCHF, GBPJPY, EURCHF and 5 Commodities Daily.GET YOUR ANALYSIS & TRADE ALERTS
Related Posts: