bullish signaling that sideways to higher prices are possible near term. If April extends this month's rally, the 87% retracement level of 2011's decline crossing at 109.54 is the next upside target. Closes below the 20 day moving average crossing at 101.23 would confirm that a short term top has been posted.
First resistance is Thursday's high crossing at 108.74. Second resistance is the 87% retracement level of 2011's decline crossing at 109.54. First support is the 10 day moving average crossing at 103.83. Second support is the 20 day moving average crossing at 101.23. Todays pivot point for crude oil is 107.34.
After the recent run up in crude oil, we feel the market is now regrouping to gather strength to move higher. See our special report on crude oil. We are looking for crude oil to make it’s highs probably somewhere in the May period. With a Score of +100, this market is in a strong trend to the upside.
We remain longer term positive on this market. With our monthly, weekly and daily Trade Triangles in a positive mode, we expect we will see further gains in crude oil. Traders should be long this market with appropriate money management stops.
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