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Crude Technicals for the Week
20 September 2008
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Crude : $104.45/Barell
- News: Oil jumps above $104 a barrel on US bailout plan
Oil prices shot up more than $6 a barrel Friday, breaking back into $100 territory as a sweeping government plan to rescue the imperiled U.S. financial system emboldened investors to re-enter the markets.Crude has climbed over $13 in the past three days as US the government carries out a historic intervention into the financial system.
Technicals
Crude ultimately retraced from $90 as expected to bounce anyhwere
between the support levels $97 and $86. for the week and And Now crude
is trading near the 20 day EMA(104.95) resistance.
And the RSI is moving towards the 50 levels with stocastic facing upwards, Which is a bullish sign that 20 day EMA resistance may got broken easily. And crude may possibly
test 200 day MA $111.82 more positively by this week.
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Written by:
Rajandran R
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