Crude Oil (11.8.2014) traded lower as per last article & went below $100 mark. Still some support coming back to radar.
Now crude is trading around $98.30 & as we can see on charts, crude trying to bounce back from a ascending tradeline. This tradeline was able to hold crude downside move since june 2013. At present point the area represent 138.2% feb correction level which could act as support. Indicators showing a positive divergence which support a positive outlook for coming trading session.
On fundamental side, increasing global tension & a sudden involvement by US army may boost the prices.
Based on above studies, we expect crude to move higher for possible level around $100.70 & then $103.40 once again. A day close below $94.80 mark will force us to reanalyze the charts.
Note – Above view is based on technical studies & do not represent our buy-sell recommendation. For recommendations Contact Us