Crude Oil Weekly Forecast Jul 07 2014

Oil

Outlook in Crude Oil remains neutral with risk to the downside , support comes at the 103.61 levels , losing this level would open 102.59 /101.66  levels . At this point I’d expect strong support from the 101.66 / 102.59 levels to contain fall from the 107.64 levels and bring rebound to retest the 107.64 levels, If this resistance is taken out , expect the pair to resume the upside offensive towards the 110.44 levels…

On the downside , resistance comes at the 105.50/106.06 levels ahead of 107.64 ( main ) , stability below the 105.50/106.06 levels  will keep the pair under pressure towards the 101.66/ 102.59 levels , However ; sustained trading – weekly closing below the 101.66  levels will turn outlook towards the 98.71/96.25 levels before the next possible rise …….

In all , the Crude Oil is likely to consolidate within 101.66/107.64 range  before the next move……….

 

Crude Oil Weekly Forecast Jul 07 2014

MARKET DATA

UPCOMING ECONOMIC EVENTS