FX.co ★ CRUDE OIL Bullish Outlook March 22, 2011 (Daily Strategy)

CRUDE OIL

After performing a maximum up to the level of 105.90, is currently trading at 102.10 dollars a barrel. We believe that the price of oil still needs to consolidate in the levels of 99.50 or 100 dollars a barrel.

While the unrest and the danger of its expand to other countries to continue, we believe that prices will continue rising toward $ 108 or up to 112 dollars a barrel oil.

Therefore, we recommend buying in the levels of 97,98,99 and 100 dollars a barrel of oil.