Crude Oil July 17, 2013 Crude oil prices closed at 105.76 after making a high of 106.76. MACD is rising while RSI is supporting sell, thus providing neutral view. The market certainly is overbought so we expect a little bit of a pullback. Future of US dollar will decide that pullback will be gradual, or will be sharp and destructive. Intraday bias seems bearish Crude Oil may retest 104.50-104.00 levels. Support for today is 105.22 and resistance is 106.72. Support 104.55 104.30 103.80 103.33 102.00 Resistance 105.95 106.70 107.40 108.00 109.90 Oil Forecast Based on crude oil graph we suggest selling oil at 106.22 keeping stop loss at 106.77. Initial target is 105.00 and second target is 104.30.
Posted on: Wed, 17 Jul 2013 13:42:52 +0000
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