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Crude Now Trading Around $97.80

Published 10/28/2013, 10:44 AM

Crude moved a long way to downside and reached the long term target of $96.

Now crude is trading around $97.80, and as we can see on charts, crude was able to manage above 61.8% Feb correction level of last ascending wave.This area also supported by the parallel support area of June 2013 as well as the oversold indicators were looking for some relief.

On the fundamental side, upcoming FOMC meeting will provide more direction. meanwhile survey suggest for no major change in FOMC policy and bond buying may continue cash register march 2014.

Based on above studies, we will prefer to buy crude for possible targets around $100 and then may be $103 (less chance). A day close below $95.80 will reject the forecast.


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