August 3, 2011

CRUDE OIL staying below 50 DMA

  • Crude oil is staying below its 50 Day Moving Average.
  • Price fell below its support level of 94.63 and is likely to hit 89.60 levels.
  • Bigger correction may happen only if price stays below 89.60.
  • If price takes support here crude oil will stay in this broad range of 89 - 99 with 94 as the mean.

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