Crude Oil Weekly Forecast Aug 04 2014


The Crude Oil continued its bearish momentum last week , printed resistance at the 102.06 levels .This development leave the pair targeting the 94.20 levels , a halt is likely , but further losses will pave the way towards the 90.50 levels………

On the upside , support comes at the 97.06 levels , a failure to hold below the 97.06 levels could mean a return to the 98.98 levels ahead of the 102.06 levels (main) , break of 102.06 will turn outlook neutral for retesting the 104.63 levels , to restore the upside offensive , 104.63 should be taken out , If seen , the pair will target the 107.64 levels……….

In all , as long as long as resistance 102.06 holds on a weekly closing basis , outlook in Crude Oil remains on the downside towards the 94.20 levels ahead of the 90.50 levels , above the 102.06 would only delay the bearish¬†¬†move for retesting 104.63 levels before the next possible fall……..

Crude Oil Weekly Forecast Aug 04 2014