Crude Oil Weekly Technical Report 25/2-1/3/2013

WTI crude found strong support at 92.60-92.50 level, which is the retest area of the main broken descending trend line shown on image. Price has formed a bullish hammer candlestick. Accordingly, we may see a rebound this week. While 92.50 and 91.50 should limit any further downside attempts.

** 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