FX.co ★ CRUDE OIL Bullish Outlook August 30 , 2011 (Daily Strategy)

CRUDE OIL

The resistance level of 88 dollars a barrel proved to be a strong barrier to the rise in the price of oil, so we believe that crude oil will have to look back support 81.50 before a new upward sequence. On the other hand, if the pair manages to overcome this barrier and the business day closes above 88.10 will be a signal to enter long until the resistance level of 94.80. The short-term technical perspective is bearish. and long-term bullish, therefore, a long entry in the current lower prices will be a good opportunity to take advantage of market movements.