By Russell Glaser
The rise in spot crude oil prices may have technical implications as this week’s high coincides with a key Fibonacci level.
Following the collapse of crude oil prices over the second half of 2008 where the price fell from $147 to $33, prices have steadily climbed back, albeit slowly. This week’s rally to $103 has completed a 61.8% retracement of the June 2008 to January 2009 price drop.
Should the commodity continue to move higher, resistance is found at this week’s high at $103, followed by $110 and $122, as well as the all-time high near $147.
Support should be found at $93, with further support at $83 and $73. The rising trend line off of the February 2009 low may also prove to be supportive.
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
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