CRUDE OIL: Bull Pressure Builds On The 102.64 Level
May 19, 2014 6:04 pm
CRUDE OIL: With Crude Oil rallying during Monday trading session, it faces the risk of a recapture of the 102.64 level. A decisive break and hold above here will aim at the 103.00 level and then the 104.98 level. We may see a price halt here but if taken out, resistance is seen at the 105.21 level, its Feb 2014 high. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, the commodity will have to break and hold below the 101.27 level to annul its present strengthen. This if seen will open the door for more downside towards the 100.00 level. A cut through here will pave the way for a run at the 99.00 level where a breach will target the 98.00 level. Further down, support comes in at the 97.00 level. All in all, Crude Oil remains biased to the upside in the short term with eyes on its key resistance.
CRUDE OIL: With Crude Oil rallying during Monday trading session, it faces the risk of a recapture of the 102.64 level. A decisive break and hold above here will aim at the 103.00 level and then the 104.98 level. We may see a price halt here but if taken out, resistance is seen at the 105.21 level, its Feb 2014 high. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, the commodity will have to break and hold below the 101.27 level to annul its present strengthen. This if seen will open the door for more downside towards the 100.00 level. A cut through here will pave the way for a run at the 99.00 level where a breach will target the 98.00 level. Further down, support comes in at the 97.00 level. All in all, Crude Oil remains biased to the upside in the short term with eyes on its key resistance.
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