Weekly Commodity Technical Outlook: CRUDE OIL

Apr. 03, 2011 8:48 PM ET

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Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times,Thestreet.com and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.

CRUDE OIL: Resumes Long Term Uptrend.

CRUDE OIL: With Crude Oil following through higher on the back of its previous week gains to resume its long term uptrend, risk of further strength is now developing. In such a case, the 110.42 level, its Sept 21’2008 high will be targeted with a turn above that level allowing for more upside pressure towards the 117.90 level. Its weekly RSI is bullish and pointing higher supporting this view. On any pullback, support lies at the 106.94 level where a reversal of roles is likely to occur and turn the commodity back up. Further weakness if triggered will bring further losses towards the 102.10 level, and then the 96.21 level. All in all, with the resumption of its long term uptrend triggered, further strength is likely in the coming days.

Weekly Commodity Technical Outlook

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