Light Sweet Crude Oil futures (Crude)
♦ As expected, the US Light Sweet Crude oil futures headed higher to retest the tough resistance level at US$87 last week.
♦ However, the crude failed to penetrate US$87 as it retreated on strong profit-taking pressure.
♦ The crude registered a possible “evening star” candle, indicating a likely retreat from the recent uptrend.
♦ Nevertheless, we remain optimistic as the momentum indicators turned more upbeat recently.
♦ As such, we estimate a mild pullback towards US$80, before the reemergence of buying momentum, leading to another challenge of US$87 in the near term.
♦ Our medium-term target stays at US$87–100 region.
Mandarin Version - Commodities & Currencies : More Likelihood Of A Rebound On CPO This Week…-12/04/2010
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