Crude Oil – Weekly Forecast 19-23 Aug 2013


The crude oil continued its bullish momentum last week, printed a new support at the 106.54 levels, this scenario is likely to build pressure on the key resistance 109.30, a break would turn the focus on the 110.52, a halt is suggested but a break would have large bullish implication towards the 114.80 levels , furthermore will aim the 118.00 levels.

On the downside, support comes at 106.54, a break would confirm short term topping and open the way towards the 105.62 levels, furthermore will aim the 103.60/102.62 levels, If seen a halt is strongly suggested, but losing 102.62 will flip bias to the downside for the 99.00 levels ahead of the 95.70 levels.

In all, as long as 102.62/106.54 levels hold, the pair will remain strongly biased to the upside with risk towards the 109.30/110.52 levels and possibly higher.

Support and resistance levels: 95.70 , 99.00 , 102.62 (main), 103.60 , 105.62 , 106.54 (main), 109.30 , 110.52, 114.80

Crude Oil Daily Chart




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