Oil is poised for its first weekly gain in four weeks, after China affirmed its commitment to investing in Europe and U.S. reports signaled that energy demand may recover with an economic rebound. Oil climbed more than $3 a barrel yesterday as China denied as 'groundless' a report that it's reviewing euro holdings and the nation's sovereign-wealth fund said it's maintaining European assets. The Commerce Department reported the U.S. economy grew for a third consecutive quarter and the Labor Department said jobless claims declined. Total fuel demand climbed last week, the Energy Information Administration said.

Trading Tactics

A clear uptrend could be an opportunity to buy Crude Oil.

A buying point is at 75.25; pivot point gives a take profit at 77.60; Fibonacci 23.6% level is the stop loss at 73.40

A selling point is at 73.10; previous support is the take profit at 70.30; Pivot point is the stop loss at 76.25

Technical: Crude oil breaks the previous resistance level and continues the Dow pattern. A move back higher could set up a test of 77.60

To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice MACD crosses the signal line downwards for a correction reason; RSI (Relative Strength Index) and Momentum are in a bullish direction; Stochastic crosses %D line upwards.

*Analysis is for information purposes only and does not constitute advice in any form. Past performance is not an indicator of future performance. Trading in financial products carries a high degree of risk to your capital and it is possible to lose more than your initial investment.

Finotec Group Inc.
http://www.finotec.com/

Disclaimer: FINOTEC Tradings Market Commentaries are provided for informational purposes only. The information contained within these reports is gathered from reputable news sources and not intended as investment advice. FINOTEC Trading assumes no responsibility or liability from gains or losses incurred by the information herein.