Light Sweet Crude Oil futures (Crude)
♦ After losing its strength for three consecutive weeks, the US Light Sweet Crude Oil futures recorded a positive candle on the chart last week, following a“hammer” candle registered earlier.
♦ The Crude also managed to survive at above thecritical UTL support level near US$72, though it has yet to remove the 40-week SMA near US$76.5.
♦ However, coupled with the upbeat 14-week RSI and the fresh “buy” signal on the stochastic oscillators, the Crude could turn even more upbeat this week.
♦ If will retest the 40-week SMA and the key supportturn- resistance level at US$78 soon, if buying persists.
♦ Higher resistance level is seen at US$87.
Commodities & Currencies - The US Light Sweet Crude Oil Regaining Strength… - 31/5/2010
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