Crude Oil – Daily Forecast 02 Aug 2013

Oil_platform_P-51_(Brazil)

The crude Oil maintained a strong bullish momentum as suggested yesterday, almost reached 108.92 levels, the pair is in overbought area, but no sign of topping yet, and further gain to the upside is suggested, resistance is at 108.92, a break would open the way for retesting 109.95 ahead of the main resistance on weekly at 110.54.

On the downside support is 105.00 levels, losing this level on a daily closing basis will flip bias back to the downside for retesting 102.67 levels.

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