CRUDE OIL: With Crude Oil strengthening for a third week in a row the past week, further upside is envisaged in the new week. This development leaves it targeting further upside towards the 100.74 level, its Dec 27 2013 high. A cut through here will pave the way for a run at the 101.50 level where a violation will aim at the 102.50 level and then the 103.14 level, its Oct 16 2013 high. Its daily RSI is bullish and pointing higher suggesting further upside. On the downside, support comes in at the 98.48 level, its Jan 30 2014 high where a break will turn focus to the 96.26 level, its Feb 03 2014 low followed by the 95.67 level. All in all, Crude Oil remains biased to the upside on further bullish offensive.
Article by www.fxtechstrategy.com
