FX.co ★ CRUDE OIL (#CL) Buy Long Above 97.90, January 6, 2012 (Weekly Strategy)

CRUDE OIL

Crude oil futures for February delivery are quoted at USD 102.28 per barrel during the American session, retreating by 0.85% from its maximum at 103.71 on Wednesday.
On the weekly chart with the technical analysis, we noticed that the oil maintains its upward trend, although showing signs of overbought, we believe that the trend of increased oil prices will continue, but first must have a reversal at least at the level of 97, 90 dollars per barrel of oil. We should place upward resistance at the next monthly 107.80 dollars per barrel.
Indicator of Momentum is the area of 100 showing a possible correction in the price of oil.