Crude Oil Weekly Technical Outlook

27 February 2010 27 February 2010

BonTrade

Crude oil turned into consolidation after edging high to 80.51 initially last week and turned and dipped to as low as 77.05. Nevertheless, with 75.69 resistance turned support intact, rise from 69.05 should still be in progress. Indeed, Friday's strong rebound indicates that consolidation from 80.51 might have completed already. Initial bias is cautiously on the upside this week. Break of 80.51 will confirm rise resumption and should target a retest on 83.95 high next. On the downside, in case of another fall, outlook will remain bullish as long as 75.69 support holds. However, break of 75.69 will argue that rebound from 69.50 has completed and will turn focus back to this low.