Crude Oil Weekly Technical Report 27-31/5/2013

The 200-days SMA alongside the 50-days SMA were able to reject downside attempts recently, confirming 92.40 as a key support level, and downside barrier. A break below this support is required to confirm further downside in the near term. Accordingly, we prefer to be neutral in our weekly view, awaiting further confirmation.

** 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