Crude Oil Daily Forecast Aug 29 2014

Oil

Outlook in Crude Oil is neutral with risk to the downside at he moment , next resistance comes at the 95.79 levels ahead of the 97.00 levels , a clear break above the 97.00 will open 97.53/98.54 levels. At this point , I’d expect strong resistance below the 97.54/98.53 levels to limit rise from the 92.50 levels and bring reversal , however ; a clear break above the 98.54 levels will have large bullish implication towards the 101.61/104.63 levels…

On the downside , support comes at the 93.30 levels , losing this level will open the 92.50 levels where a cut is likely , If seen , next support would be 91.40 levels , further losses will aim the 89.40 levels…

In all , as long as resistance 95.79/97.00 holds on a daily closing basis , outlook in Crude Oil remains on the downside towards the 93.30 levels and possible lower towards the 91.40 levels, above the 97.00 levels will recapture the 97.54/98.53 levels before the next fall…

 

Crude Oil Daily Forecast Aug 29 2014

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