Crude Oil Weekly Forecast 29 Jul – 02 Aug 2013

Crude-oil-65986565

The crude oil continued to maintain its bearish momentum last week after topping at 108.92 levels. Now the pressure will be on the key support 103.71. The crude oil will have to hold below the 103.71 levels on a daily closing basis to push the market for further downside losses. If seen It will attack the 99.25 levels where halt is strongly suggested. But if 99.25 fails on a daily closing basis. Expect the oil to weaken further towards the 94.27 levels.

Alternatively, a failure to hold below the 103.71 levels could mean a return to the 108.92 levels, a break of 108.92 will pave the way for retesting the main resistance on weekly at 110.54 levels.

Support and resistance levels on the daily chart: 94.27, 96.58, 99.25, 103.71, 106.51, 108.92, 110.54.

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