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Monday, March 26, 2012

Is Crude Oil Ready to Break Out into the Next Trading Range?

Crude oil [May contract] closed higher on Monday while extending the trading range of the past five weeks. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term.

If May renews this winter's rally, the 2011 high crossing at 113.75 is the next upside target. Closes below the reaction low crossing at 104.29 would confirm a downside breakout of a five week old trading range.

First resistance is this month's high crossing at 110.95. Second resistance is the 2011 high crossing at 113.75. First support is the reaction low crossing at 104.29. Second support is the reaction low crossing at 98.38.

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