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Crude Oil Finally Clears Last Year’s High

Commodities / Crude Oil Jan 17, 2011 - 05:27 AM GMT

By: Seven_Days_Ahead

Commodities

After a pullback in 2010 found support from the 38.2% retracement the ensuing recovery returned to the area of the May high, but seemed temporarily reluctant to push decisively through. This is now happening though.


The Commodity Specialist view


BRENT CRUDE - WEEKLY CONTINUATION CHART:

On the continuation chart the May-10 high was breached sooner.

With the 50% recovery level also surpassed our next focus here is on the 105.00 area, the 61.8% retracement.

BRENT CRUDE DAILY CHART - MAR-11:

Recent consolidation around the May-10 high has given way to another s/term bull move, reinforcing our bullish stance.

Initially on the upside we keep in mind the 1.618 swing projection off prior 93.91/73.19 May-10 drop at 106.72. This lies a little above the 105.00 level on the Weekly chart.

Ideally at this stage support from the 90.00 area will hold s/term dips in order to preserve current momentum. This ties in quite nicely with the 89.58 May-10 high from the continuation chart.

Mark Sturdy
John Lewis

Seven Days Ahead
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© 2011 Copyright Seven Days Ahead - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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