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Crude Oil: Surges To A New High, The $90 Level Beckons
Wed, Oct 17 2007, 15:27 GMT
by Mohammed Isah
Crude Oil (Futures)-While Crude Oil is up for the six consecutive days after printing its highest price in its chart history on Tuesday, its psychologically important level now beckons at $90.With a turn off its lows at $79.45/15 and a push through its weekly rising channel, Crude Oil remains supported by its Sept 28’07 high/top of the broken channel at $84.74/$83.75 on any pullback from its current levels. This scenario remains corrective of its bullish medium and longer term outlook. Beyond the $90 level will open the door for a run at its 1.618 Ret(Monthly chart) at $96.47 and then the $100 level, its big psycho levels. Crude Oil is up 6.88% for the month and 43.61% for the year. Its upside gains continue to be supported by its daily and weekly RSI which are trending higher though in an overbought territory.
Published on Wed, Oct 17 2007, 15:24 GMT
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FXTechstrategy
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