Light Sweet Crude Oil futures (Crude)
♦ The US Light Sweet Crude oil futures extended its sideways trading pattern last week, and closed marginally lower to US$80.63.
♦ On the chart, the commodity recorded a “doji-like” candle, indicating indecisiveness on its immediate-term chart direction.
♦ Given a marginal “sell” signal on the stochastic oscillators, and a mild dip on the 14-day RSI, the Crude may still see some weakness this week to retest
the US$78 support level.
♦ But we are keeping our medium-term positive outlook on the Crude, as it still holds firmly at above the medium-term support near the UTL and the 40-week SMA of US$73.6. Resistance level is seen at US$87.00.
Commodities & Currencies : Renewed Selling Pressure Seen On The EUR…-22/03/2010
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