Crude Oil Monthly Forecast July 2014

Oil

Outlook in Crude Oil remains neutral with risk to the upside,resistance comes at 105.20 levels ahead of   the  109.29 levels (main) , break of this level on a monthly basis is needed to resume the upside offensive , If seen , the pair will recapture the 114.80 levels where a breach will turn focus on the 118.00 levels…..

On the downside , a rejection from the 105.20 levels could mean a return to the 100.73 levels , losing this level  would open 95.98 levels , at this point we should witness strong support from the 95.98 levels , If 95.98 fails , next main support comes at the 91.86 /89.33 levels , below this level will bring a free fall towards the 74.00 levels…

In the long term view , the Crude oil is bullish as long as support 89.33 holds on a monthly closing basis , and a higher leg above the 114.80 levels should be seen once the consolidation is over . Below 89.33 will turn outlook bearish for the 85.61/74.95 / 67.14 levels…..

Crude Oil Monthly Forecast July 2014

 

MARKET DATA

UPCOMING ECONOMIC EVENTS