Light Sweet Crude Oil futures (Crude)
♦ The US Light Sweet Crude oil futures extended its runup by rising to a multi-week high of US$83.16 on Friday, before staging a negative reversal to end the week lower at US$81.24.
♦ As the commodity recorded a smaller positive candle, plus its failure to retake Jan’s high of US$83.95, a slight pullback could be underway this week.
♦ But, as it still closed at above the US$80/barrel psychological level, short-term weakness should be well absorbed. Further support is expected near the resistance-turned-support level of US$78.
♦ For now, its immediate resistance stays at Jan’s high of US$83.95, followed by the next upside hurdle at US$87.
Mandarin Version - Commodities & Currencies : More Weakness On The US$ Imminent This Week… - 15/03/2010
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