Crude Oil – Weekly Forecast 05-09 Aug 2013

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The Crude Oil rose last week , but the pair was rejected from the 108.92 levels, topped at 108.78 levels, last Friday it maintained some bearish momentum after bottoming at 106.64 levels, now pressure will be on the key support 106.64, the Crude Oil will have to hold below the 106.64 levels on a daily closing basis to push the market for further downside losses, If seen, main support is at 105.00 levels, at this point this level may contain any downside moves but losing 105.00 on a daily closing basis ,will extend losses towards 102.67 where a breach will turn the focus on the 98.00 levels.

Alternatively, a failure to hold below the 106.64 levels, could mean a return to the 108.92 levels, break of 108.92 will extend gains towards 109.80 ahead of 110.54 levels.

On the weekly chart, a sideways move is suggested within 102.67/108.78 range before the next move, we need a weekly close below or above 102.67/108.78 to identify a clear trading area.

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