Crude Oil targets 100.92 , support 97.74 !


The crude oil maintained a bullish momentum the past few days, printed support at 97.74 levels, this development leaves the pair targeting the 100.92 levels – 21 Oct 2013 high – we might see hesitation around this level, but sustained trading above 100.92 will open 103.72 next (09 Oct 2013 high).

On the downside, support comes at 97.74 (19 Dec 2013 low), stability above this level will keep the bullish momentum intact, but losing this level would weaken or delay the bullish move and might expose 96.25 for retesting 94.66 levels before the next rise…

Overall the Crude Oil will remain biased to the upside with risk towards 100.92 ahead of 103.72 as long as 97.74 holds on a daily closing basis, losing 97.74 would reverse risks to the downside towards 94.66/96.25 levels.