Light Sweet Crude Oil futures (Crude)
♦ The US Light Sweet Crude Oil futures failed to record any rebound last week, and headed lower with another bearish candle on the chart.
♦ This was in line with our expectation earlier, after the commodity lost its support at US$78 and the 40-week SMA near US$76.4 in the previous week.
♦ It fell US$3.06 last week and ended Friday at US$72.05.
♦ Given the bearish chart pattern and the downbeat momentum readings, the crude is likely to ease further to below the UTL near US$72 this week.
Commodities & Currencies - The Commodity Prices Are Losing Strength…17/5/2010
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