Crude (18.11.2013) fail to stay above 61.8% feb level & fall to main support trendline.
Now crude is trading at $93.35 & as we can see on charts crude is sustaining above the lower trade line of long term ascending channel which made top $112 in last run. This tradeline becoming more powerful when it came in combination of lower trade line of minor descending channel (shown in chart) & a parallel support from the bottom made on in last 3 times. At the same time RSI continue trading with a major possibility of positive divergence.
On fundamental side winter weather may hurt production in coming days in gulf as chilling weather is entering into fast session.
Based on above studies, we will prefer to buy crude for targets around $96 & then may be $98.90 in coming days while a day close below $92 will force us to reanalyze the charts.