Crude Oil Weekly Forecast Mar 31 2014


The Crude Oil maintained a strong bullish momentum last week. Rebounded above 96.25 levels as suggested several weeks ago, bottomed at the 98.77 levels and topped at the 102.20 levels. As a result; Outlook in Crude Oil remains neutral with risk to the upside, To resume the upside offensive, 102.20 should be taken out, If seen, the pair will target the 102.76 levels, further upside will recapture the 105.20 levels.

On the downside, a failure to take out the 120.20 levels could push the pair back towards the 100.15 levels, a halt is likely, but losing the 100.15 levels will open main support at the 98.77 levels, If this level fails, expect the pair to weaken further towards the 97.36 levels…

In all, as long as support 100.15 holds on a weekly basis, the Crude Oil will remain based tot he upside towards the 102.76/105.20 levels, losing the 100.15 levels will reverse risks towards the 98.77/97.36 levels.


Crude Oil Weekly Forecast Mar 31 2014