Light Sweet Crude Oil futures (Crude)
♦ The US Light Sweet Crude Oil futures headed lower last week, and recorded a negative candle after a “doji” candle registered in the earlier week.
♦ Although the stochastic oscillators remained flat, the 14-week RSI has hooked lower. This suggests there will likely be a weaker momentum ahead.
♦ Last week’s fall also means a failure to penetrate the US$87 resistance level.
♦ If it registers another negative candle, it will revisit the US$78 support level soon.
♦ Further downside will retest the 40-week SMA of US$75.3, before the long-term UTL near US$71.
♦ Losing these levels will divert the Crude’s long-term uptrend.
Mandarin Version - Commodities & Currencies : Weaker Commodities Likely This Week… - 19/04/2010
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