Light Sweet Crude Oil futures (Crude)
♦ The US Light Sweet Crude oil futures ekeed out a rally last week, and pierced through the Jan 2010’s high of US$83.95.
♦ The commodity registered a huge bullish candle on the chart, indicating a follow-through buying momentum likely this week.
♦ As the momentum indicators began to rebound, we turn more optimistic that it will likely retest the US$87 resistance level soon.
♦ On the downside, the Crude sees a tough level at US$78, followed by the 40-week SMA near US$75 and the UTL near US$72.
♦ For the medium-term trend, the Crude is poised to trade within the US$87 – US$100 range.
Commodities & Currencies : More Strengthening Of Ringgit Likely This Week…-05/04/2010
No comments:
Post a Comment