FX.co ★ Technical analysis of crude for June 11 , 2014

COMMODITY

Crude

Crude is trading in a range from past 1 year. In yesterday's session, the price gave an upside breakout , but was unable to close above the breakout point at 105.25 levels. On the upside, if the price manages to close a day above the 105.25 level, it can extend this rally up to 107.30 and 112.80.

For the long term perspective, the crude can extend its bull path up to 117.80 and 120 levels, with intermediate support at 101.60, 97.40 and 95 (50 weekly SMA) when it closes above 105.25 on a weekly basis.