Commodity Technical Outlook On Crude Oil

Commodity Technical Outlook On Crude Oil

Postby FXTechstrategy Team » Wed Aug 29, 2012 7:19 pm

CRUDE OIL: Rising Trendline Likely To Limit Declines.

CRUDE OIL: Though price consolidation is now seen, as long as Crude Oil maintains above its rising trendline, its short term bias points higher. However, the commodity will have to return above the 98.32 level to resume its uptrend towards the 100.00 level followed by the 101.00 level. The alternative scenario will be for Crude Oil to break below the mentioned trendline and then target the 92.04 level. Below here will aim at the 86.82 level. This is consistent with its broader downside bias though it will have to take out the 84.05 level and the 77.70 level to resume that trend. Below here will resume its medium term weakness towards the 75.50 level. All in all, Crude Oil continues to hold on to its corrective recovery triggered from the 77.26 level.
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