Crude Oil (Weekly Chart) : Possible Reversal , Resistance is at 105.08 levels !

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The Crude Oil maintained some bullish momentum last week , printed a new support at the 101.04 levels, resistance is at the 105.08 levels, stability below the 105.08 levels on a weekly basis, would add pressure on the 101.04 levels, a break below the 101.04 levels would suggest that fall from 112.20 is resuming, If seen, next support comes at the 98.20 levels, further downside will aim the 92.71 levels.

On the upside, sustained break above the 105.08 levels on weekly basis, would suggest that fall from 112.20 is over, If seen, the pair is likely to recapture the 112.20 levels, a halt is suggested, but a breach above the 112.20 will target the 114.80 levels,further upside will aim  the 118.60 level.

In all, the Crude Oil is likely to consolidate within  101.04/105.08 range before the next move!

 

MARKET DATA

UPCOMING ECONOMIC EVENTS

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