CRUDE OIL: Breaks The 83.31/93 Levels, Resumes Medium Term Uptrend

CRUDE OIL (futures): The commodity has broken strongly higher through 83.31 level, its Mar 17'10 high and resumed its broader medium term uptrend triggered off the 35.50 level, its 2009 low. This development has increased chances of further upside risk towards the 85.00 level currently being tested with a break and hold above there turning attention to its psycho level at the 90.00. Beyond there resides its .50 Fib Ret (145.79 -35.50 decline) at 91.18. A breather should occur there or even at the 90.00 level and possibly trigger corrective pullbacks. Conversely, support is initially located at the 83.31/93 levels where a reversal of roles is expected to turn Crude Oil higher again in line with its broader medium term uptrend. Further down, the 78.83 level, its Mar 22'10 high comes in as the next support followed by the 78.03 level, its Mar 01'10 low. On the whole, having taken out the 83.13/93 levels, further higher level prices should develop towards the 90.00 and 91.18 levels.