Crude Oil Weekly Forecast Mar 09 2015

oil22 min
oil22 min

Outlook in Crude Oil remains on the downside as long as 54.20 resistance holds on a weekly closing basis , support comes at the 48.33 levels where a cut will open main support at the 43.59 levels , a halt is likely but losing this level would open 40.00 next , further down will target the 37.00 levels.

On the upside , main resistance comes at the 54.20 levels , sustained breakout -weekly closing – above this level will suggest short term bottoming and bring bullish move towards the 57.00 levels ahead of the 60.00 levels.

In all , as long as 54.20 resistance holds on a weekly closing basis ,outlook in Crude Oil remains on the downside towards the 48.33/43.59 levels , sustained breakout above the 54.20 levels will turn outlook bullish and pave the way towards the 57.00/60.00 levels.

 

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