FX.co ★ CRUDE OIL Bullish Outlook June 14, 2011 (Daily Strategy)

CRUDE OIL

The oil price is consolidating between the levels 96.50 (fractal) to 103.20, so it has not yet defined exactly if it continues its downtrend in the short term, or retakes its upward trend long term. The first position can be buy now (96,55) and strengthened later by an additional position in the event that the price of oil close above the weekly support around (96,70)

The medium term forecasts show a resistance level of 104.00 as the preferred price target for the realization of a buy position.