FX.co ★ CRUDE OIL (#CL) Bearish Outlook, October 26 2011

CRUDE OIL (# CL)

The oil this Tuesday I register a rise on the morning session 94.55 a barrel, due to optimism that it is registered in the futures market and stock.
On a technical level, we can see that if oil remains bullish will have to face the weekly restencia (R3) of 95.44 and also to the movig average of 200 meetings, which serves as resistance of the whole great fall that I register in these last months. At these levels would be a good opportunity to take a short position and sell to support levels of 90.00 and even more to the level of 85.00 dollars a barrel.