CRUDE OIL(futures) : The commodity reversed its Thursday losses and resumed its nearer term uptrend started off the 69.69 level to print a high of 82.03 on Friday. This development has left the commodity eyeing its 2010 high at 83.93 where a break will trigger the resumption of its medium term uptrend currently on hold towards the 85.00 level. A decisive clearance of there will put the commodity on the path to further upside gains towards its psycho level sited at 90.00. While Crude Oil holds and trades above the 78.01 level, its Feb 03'10 high, our upside outlook on the commodity remains valid. Its weekly stochasicswhich is bullish and pointing higher remains supportive of this view. On any pullback, its Feb 22'10 high at 80.75 is expected to reverse roles and provide support thus turning Crude Oil back up again. Further down, support is located at its Feb 03'10 high at 78.01 followed by its Feb 25'10 low at 77.02 with a turn below there paving the way for a move lower towards its long term rising trendlinecurrently located at 73.43. On the whole, with Crude Oil continuing to build on its nearer term recovery activated from the 69.69 level, risk of a recapture of its medium term swing high at the 83.93 level continues to build momentum.
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