CRUDE Oil Trend update

CRUDE Oil Support levels

 17/9/2012

 

• Crude oil Four hour chart shown with crucial support level near 93.95  -  94.10
• 4 Hour chart 200 period SMA giving support.
• More correction if 50 day SMA gets broken. Unable to break below 50 SMA will favor crude oil bulls. Bulls strong above 97 - 98 level.

 

CRUDE Oil Trend update

 

• Crude oil daily chart shows price ranges continues to give upper breakouts.
• Weekly chart shows a possible W pattern. for now price may form a range between 99 - 102 level. Closing above 102 may target 105 levels.
• Monthly chart shows the falling resistance line from 147 through 110 will meet price at around 105 levels for the current month candle.