CRUDE OIL (#CL) Buy Long Above 95.50, December/09/ 2011 (Weekly Strategy)

CRUDE OIL

Crude futures fell to the level of 97.27, returning to negotiate below the key $ 100 per barrel, due to the uncertainty of the summit that is taking place in Brussels.

At the technical level we note that oil is right in the weekly support (S1) of 98.23, we believe that their sequence bearish, has not yet finished, so we should wait until the level of 95.50 to enter a purchase order in this level is abut the 200-day moving average and the second support weekly at 95.37. This strong support level will be key to our strategy bullish. Our first objective, we will place in the resistance de102, 60 and our ultimate goal in the 107.40 dollars per barrel of oil.