Crude Oil Weekly Forecast Mar 17 2014

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Despite the sharp fall the past few weeks , outlook in Crude Oil remains neutral with risk to the upside as long as support 96.25 holds on a weekly closing basis , stability above the 100.15 levels could mean a return to the 102.75 levels , break of 102.75 will recapture the 105.20 levels , a clear break will extend gains towards the 107.50 levels ahead of the 109.00 levels

On the downside , support comes at the 97.54 levels ahead of 96.25 (main) , stability below 97.54 will build strong pressure on the 96.25 levels , If this support fails , expect the market to weaken further towards the 93.65 levels ahead of the 91.23 levels.

In all , as long as support 96.25 holds on a weekly closing basis , the Crude Oil will remain based to the upside towards 100.15/102.75 levels ahead of 105.20 levels , losing the 96.25 levels will reverse risks towards to the 93.65 levels ahead of the 91.23 levels.

Note : On the 4 hours chart & the daily chart, large bullish reversal pattern under development  around 97.54 levels (not completed yet)  stay tuned for updates…

 

Crude Oil Weekly Forecast Mar 17 2014

MARKET DATA

UPCOMING ECONOMIC EVENTS