Oil rebounded from a one-month low in New York as a sliding dollar and advancing equity markets fanned speculation that prices had dropped too far. Crude rose for the first time in four days as the euro climbed before a European Union report that may show growth in the 16-nation euro region accelerated. Oil may fall next week on speculation that slowing U.S. growth will cause fuel inventories to increase, according to a Bloomberg survey of analysts. 'Oil will likely stay in the $70 to $80 range, and right now we're at the mid-point,' said Tobias Merath, Zurich-based head of commodity research at Credit Suisse Group AG. 'There's no big catalyst that would justify a jump above $80. Demand is lackluster, and globally there's plenty of spare capacity.'

Trading Tactics

A strong retracement could be an opportunity to sell Crude Oil.

A buying point is at 80.20; previous resistance is the take profit at 87.20; Fibonacci 38.2% is the stop loss at 74.85

A selling point is at 76.40; Fibonacci 23.6% is the take profit at 72.10; Pivot point is the stop loss at 79.10

Technical: Crude oil fails to break the previous resistance and forms a lower pick. A move back lower could set up a test of 72.10

To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice MACD crosses the signal line downwards; RSI (Relative Strength Index) is in a downtrend; Momentum and Stochastic are in a bearish direction.

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