Crude Oil Weekly Forecast May 19 2014


Outlook in Crude Oil remains neutral with risk to the upside this week  , resistance comes at the 102.61  levels , break of 102.61  will recapture the 103.79  levels , where a breach will turn focus on the 104.95  levels , further upside will aim the 106.35  levels….

On the downside , support comes at 100.46  ahead of 96.25 ( main) , stability above support levels will keep the bullish momentum intact , however ; sustained trading – weekly closing – below the 96.25 levels will signal short term topping and reverse risks to the downside towards the 95.20/93.64 levels before the next rise.

In all , as long as support 96.25  holds on a weekly basis , outlook in Crude Oil remains  to the upside towards the 100.46/103.79 levels , losing the 96.25  levels will reverse risks towards the 95.20/93.64 levels…Note that a rejection from the 100.46 levels could mean a return to the 97.36/96.25 levels….

Crude Oil Weekly Forecast May 19 2014