Crude Oil Weekly Technical Report 4-8/1/2013

Oil jumped on Friday, after dipping to 96.45, the commodity rallied back quickly to reach our target at 98.00 for Friday. The price fails so far to hold below 96.80 support level, and that keeps the bullish wave intact, however, the bullish momentum is clearly losing steam as seen on RSI, thus we may see a downside pullback this week, but anyway, we wont fight the strong uptrend, and wait for further confirmation on the next potential move.

** 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