Crude Oil Weekly Technical Report 8-12/7/2013

Prices have put in a long white candlestick pattern during the previous week after finding a good support above SMA 20 and SMA 50 as seen on the provided weekly chart.. MACD traditional and RSI 14 could assist bulls to breach the main resistance line connecting the lower highs started at 114.80 but, we will be neutral until 104.30 is taken out to confirm those bullish signs. Of note, risk versus reward ratio is currently too high.

** 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