CRUDE OIL (futures): Having halted its declines triggered off the 81.85 level, its YTD high at the 68.69 level, its Dec 14’09 low, Crude Oil continues to build on that strength closing higher for a second week in a row the past week and targeting further upside. We think there is more room for further upmove towards its Dec 01’09 high at 79.00 and then the 81.95 level, its 2009 high. Above the latter will resume its medium term uptrend now on hold. Its weekly and daily RSI are pointing higher suggesting further upmove. In case of a pullback, its Dec 18’09 high at 75.63 will be targeted initially with a turn below there allowing Crude Oil to weaken further towards the 68.69 level, its Dec 14’09 low and then the 62.68 level, its July 29’09 low. On the whole, with corrective recovery continuing to be seen, risk of further upsides is likely.

Mohammed Isah
Market Analyst
www.fxtechstrategy.com

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