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Weekly Commodity Technical Outlook: CRUDE OIL

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