Last Updated on 19 December 2012
CRUDE OIL: Backs Off Higher Prices, Vulnerable.
CRUDE OIL: With the commodity declining the past week to close lower, the risk is for Crude Oil to extend that weakness. Although presently seen hesitating, it still faces downside risks. Unless it returns above the 90.30 level, its Dec 03’2012 high, it could face further downside towards the 84.04 level, its Nov 07’2012 low. Below here will call for a move lower towards the 83.00 level and then the 81.00 level, its psycho levels. On the other hand, it will have to break and hold above 90.30 level to reverse its present bear threats and create scope for more upside towards the 91.25 level, its Oct 22’2012 high. Further out, resistance resides at the 92.00 level. All in all, Crude Oil faces further downside risks below the 90.30 level.
CRUDE OIL: Rallies, Breaks Through Trendline Resistance
CRUDE OIL: Crude Oil has triggered a strong corrective recovery by breaking through its trendline resistance. This development has also pushed the commodity above the 89.19 level suggesting further strength towards the 90.00 level could be building up. A violation will aim at the 91.25 level. Further out, resistance resides at the 92.00 level and then the 93.63 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 89.19 level where a reversal of roles is likely to occur and turn it higher. However, if this fails, further declines could develop towards the 86.93 level where a breach should see Crude Oil decline further towards the 84.04 level. Further down, support comes in at the 83.50 level. We may see a halt in declines here but if broken further downside will aim at the 82.08 level. All in all, Crude Oil continues to face upside recovery risks.
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