Crude Oil Weekly Forecast Aug 25 2014

Oil

Outlook in Crude Oil remains on the downside as long as resistance 97.06/98.64 holds on a weekly closing basis , support comes at the 91.75/91.23 levels . At this point I’d expect strong support from the 91.75/91.23 levels to contain fall from the 107.64 levels and bring rebound , however ; a clear break below the 91.23 levels will extend losses towards the 87.67 levels where a cut will open 85.61 levels…

On the upside , resistance comes at the 95.17 , a break will turn outlook neutral for retesting the 97.06/98.64 levels before the next fall , If this important resistance is taken out , expect to see a strong bullish move towards the 102.06 levels and possible higher towards the 104.63 levels..

In all , as long as resistance 95.17 holds on a weekly closing basis , outlook in Crude Oil remains on the downside towards the 91.75/91.23 levels , a clear break above the 95.17 levels will bring rebound towards the  97.06 / 98.64  levels before the next fall.

 

Crude Oil Weekly Forecast Aug 25 2014

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