CRUDE OIL: Extend Bullish Offensive, Eyes the 98.50 Level.
January 23, 2014 9:29 pm
CRUDE OIL: With a third day of strength seen on Thursday, further upside offensive is envisaged. This development leaves the commodity targeting the 98.18 level, representing its 200 ema with a violation of here turning focus to the 99.38 level, representing its Dec 31 2013 high. We may see a pull back threat at this level but if that fails to happen expect further upside pressure to occur towards the 100.00/74 levels. Further out, resistance resides at the 101.50 level, its psycho level. Conversely, support comes in at the 96.41 level, its Jan 23 2014 low with a violation of here turning attention to the 95.50 level. A break will pave the way for a run at the 94.96 level, its Jan 17 2014 high. All in all, Crude Oil remains biased to the upside on further strength.
CRUDE OIL: With a third day of strength seen on Thursday, further upside offensive is envisaged. This development leaves the commodity targeting the 98.18 level, representing its 200 ema with a violation of here turning focus to the 99.38 level, representing its Dec 31 2013 high. We may see a pull back threat at this level but if that fails to happen expect further upside pressure to occur towards the 100.00/74 levels. Further out, resistance resides at the 101.50 level, its psycho level. Conversely, support comes in at the 96.41 level, its Jan 23 2014 low with a violation of here turning attention to the 95.50 level. A break will pave the way for a run at the 94.96 level, its Jan 17 2014 high. All in all, Crude Oil remains biased to the upside on further strength.
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