FX.co ★ CRUDE OIL Bullish Outlook May 20, 2011 (Daily Strategy)

CRUDE OIL

The detailed fundamental analysis puts the price of oil at around 125 dollars to the barrel by the end of 2011. now the price of oil has stabilized over the past nine days and is setting a triple bottom around the price level of 95 – 99 dollars. 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.