CRUDE OIL: Halts Weakness, Looks To Retake The 98.58 Level.
February 4, 2014 9:41 pm
CRUDE OIL: With Crude Oil halting its two-day weakness and recovering higher on Tuesday, the risk is for a retake of the 98.58 level, its Jan 30 2014 high to occur. Further out, resistance comes in the 99.38 level, representing its Dec 31 2013 high. A turn above here will set the stage for more recovery towards the 100.00 level with a breach of there turning focus to the 100.74.00 level, its Dec 27 2013 high. On the downside, support comes in at the 96.26 level, its Feb 03 2014 low with a break targeting the 95.67 level. A cut through here will turn attention to the 95.00 level with a breach of here shifting focus to the 94.00 level, its psycho level. All in all, Crude Oil remains biased to the upside in the medium term.
CRUDE OIL: With Crude Oil halting its two-day weakness and recovering higher on Tuesday, the risk is for a retake of the 98.58 level, its Jan 30 2014 high to occur. Further out, resistance comes in the 99.38 level, representing its Dec 31 2013 high. A turn above here will set the stage for more recovery towards the 100.00 level with a breach of there turning focus to the 100.74.00 level, its Dec 27 2013 high. On the downside, support comes in at the 96.26 level, its Feb 03 2014 low with a break targeting the 95.67 level. A cut through here will turn attention to the 95.00 level with a breach of here shifting focus to the 94.00 level, its psycho level. All in all, Crude Oil remains biased to the upside in the medium term.
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