CRUDE OIL: As Crude Oil weakened for a second day in a row on Tuesday following its loss of upside momentum at 80.75, we are looking for its Feb 03'10 high at 78.01 or its long term rising trendlinesupport currently at 76.43 to provide support and turn the commodity higher again in line with its nearer term uptrend triggered off the 69.69 level. Except the mentioned levels are decisively broken, a return back above the 80.75 level is likely with scope for further up move towards its year-to-date high at $83.93. Beyond that level would trigger the resumption of its medium-term uptrend toward its Oct. 12'09 high at $84.79 followed by its .50 Fibonacci retracement ($145.79-$35.53 decline) at $91.18. Alternatively, if the 78.01/76.43 levels give way, it will warn us of a recapture of its 2010 low at 69.69 with a break through there resuming its short term weakness initiated from the 83.93 level and targeting its Dec 14'09 low at 68.69. On the whole, although under pressure, as long as Crude Oil holds above the 78.01/76.43 levels, its recovery started off the 69.69 level should recapture the 80.75 level and beyond..

width=400