Crude Oil – Weekly Forecast 30 Dec-03 Jan

oil-65984-min-compressor

Recommendations: LONG positions above 98.90 with 100.70 & 101.40  as next targets.
Alternative scenario: The downside breakout of 98.90 will call for a slide to 97.70/97.00.
Description: Initial bias remains on the upside this week as long as support 98.90 holds, the main resistance is at 101.40, break of 101.40 will extend gains towards 102.60 levels. On the downside, below 98.90 minor support will turn bias neutral and bring consolidations for retesting 97.70/97.00 levels.

Support and resistance  : 95.80 ,97.00 , 97.70 , 98.90 (pivot) , 100.70 , 101.40 , 102.60 , 103.20

 

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