Light Sweet Crude Oil futures (Crude)
♦ The US Light Sweet Crude oil futures continued to trade sideways, despite a mild pullback late last week.
♦ On the chart, the Crude recorded a marginal negative candle, following the “doji” candles registered in the last two weeks, indicating more weakenss ahead.
♦ The weekly stochastic and the 14-day RSI have turned lower, implying a retest of the US$78 support soon.
♦ Although we expect a mild weakness on the Crude this week, we maintain our medium-term outlook that the Crude looks bullish above the 40-week SMA nearUS$73.9 and the UTL near US$70.
♦ Resistance is at Jan 2010’s high of US$83.95, plus the US$87 tough technical hurdle.
Commodities And Currencies : US Dollar To Strengthen Further This week…-29/03/2010
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