Light Sweet Crude Oil futures (Crude)
♦ Despite registering a “doji” candle on the chart, the US Light Sweet Crude oil futures resumed its rally last week, hitting fresh new high of US$82.07, before settling at US$81.50 on Friday.
♦ This has confirmed its breakout from the US$78 resistance level earlier.
♦ With the help of the slight upbeat momentum readings, it is poised to retest Jan’s high of US$83.95 soon.
♦ Removing the high will lead further upside to US$87 resistance level.
♦ Optimistically, we expect it to surge towards the US$87-US$100 resistance zone in the medium term.
Mandarin Version - Commodities And Currencies : Positive On Commodities But Mixed Outlook On The US$ …
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