Crude Oil Weekly Technical Report 10-14/6/2013

Crude has resumed its sharp upside rebound after placing the significant low of 91.30 approaching the main resistance line connecting the movements from 98.20 as seen on the provided daily graph. Risk versus reward ration becomes very high due to the sensitivity of the current trading levels. A break above 97.00 levels will bring additional upside actions but for now, we will be neutral. On the downside, coming below 94.30 will be a very negative indication and will bring panic sell-off actions mainly targeting 91.30 zones once again.

** Short term (Less than three months)

** Chart is based on GMT+2 timing

Notes: 

*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.

*Allow for +,- 5 points margin