Light Sweet Crude Oil futures (Crude)
♦ As feared, the US Light Sweet Crude Oil futures plunged in last week’s trading following a record of a “shooting star-like” candle in the week before.
♦ Chart wise, it recorded a huge bearish candle, pointing to further selling pressure likely this week.
♦ As it also fell to below the supportive 40-week SMA of US$77.4, coupled with the fresh “double sell” signal on the momentum indicators, the Crude is poised to fall further this week.
Commodities & Currencies : A Dramatic Rebound On The US$ Likely To Continue… - 16/08/2010
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