Light Sweet Crude Oil futures (Crude)
♦ Instead of registering another negative candle, the US Light Sweet Crude Oil futures recorded a positive candle after touching a low of US$80.53 in early last week.
♦ The positive candle has saved the commodity from falling straight towards the US$78 support level.
♦ Although the weekly stochastics renewed its “sell” signal, last week’s recovery has refreshed hope for a technical rebound in the near term.
♦ If the buying momentum recovers further, Crude may retest the recent high of US$87.09 and the key resistance of US$87 this week.
♦ Crossing US$87 will boost its short-term outlook, and aim its target at US$100 next.
Commodities & Currencies : Potential Technical Rebound On The Commodities This Week…-26/04/2010
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