Oil has decisively violated its big psycho level at 100.00 to maintain a third consecutive week of upside offensive. The commodity now faces further bullishness towards the 108.00 level and then the 110.42 level, its Sept 21'2008 high. This level may halt further gains if tested. Its weekly and daily RSI is bullish and pointing higher supporting this view. This is evidenced by its current bullish price action. On the downside, pullbacks if seen will target the 100.00 level where a reversal of roles as support is likely. Further down, support lies at its psycho level at 95.00 with a breach of there allowing for more losses towards the 93.00 level. All in all, Crude Oil has resumed its long-term uptrend as looks to strengthen further in the days ahead though corrective pullbacks cannot be ruled out along the way.
Crude