Crude Oil Weekly Technical Report 11-15/2/2013

The latest rally in oil price failed at 97.00 resistance level, as price retreated attempting towards 95.00 level one more time. This failure has completed the right shoulder for a potential head and shoulders top pattern, however, breaking the neckline of the pattern at 95.00 is the key towards further downside movement this week. The overal bearish sceanrio will remain likely so long as 97.00-resistance is intact.

** Overall trend ( More than one year)

** Intermediate ( More than three months)

** 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