Light Sweet Crude Oil futures (Crude)
♦ Last week, the US Light Sweet Crude Oil futures staged a timely technical rebound, as it reclaimed the key UTL near US$73 on renewed buying momentum.
♦ During the week, the Crude surged to a weekly high of US$76.30, near the 40-week SMA of US$76.6, before easing off from the SMA on Friday.
♦ Still, it chalked up a “bullish piercing line” candle. And backed by the UTL and the improved momentum readings, more upside can be expected this week.
♦ Having said that, it could still be a tough challenge for it to surpass beyond the 40-week SMA and the solid hurdle of US$78.
♦ Immediate support is now at the UTL.
Mandarin Version - Commodities & Currencies : Further Weakness In The US Dollar Is Seen This Week…-14/06/2010
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