FX.co ★ CRUDE OIL "Double Bottom" May 13, 2011 (Daily Strategy)

CRUDE OIL

In the four-hour chart, we can see two figures bullish signal, a "Double Bottom" and the other "Bullish Pennant", a buy at the present price creates an excellent opportunity where the potential for a large price increase is as high as the size of the previous price drops. The closer resistance level at 108.00 can be used as a key point for a partial realization.

The resistance level of 114.70 that halted the pair previously can be used as a final target price for the realization of a long position on the pair.