Crude Outlook Mixed

07/05/2010 12:01 am EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

chart
Click to Enlarge

The first half of 2010 has been frustrating for crude oil traders as after breaking out in April and testing $87, price reversed and violated support. The key monthly and weekly support is in the $65-$67 area. The 50% retracement resistance on the weekly chart is at $90 with the 61.8% at $105. Mixed signals from the On-Balance Volume as the monthly OBV has already broken out to the upside while the weekly OBV is in a well-defined downtrend. Stay with the negative short-term momentum for now.

Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.

Related Articles on COMMODITIES

Keyword Image
Rio Tinto: Copper Plus
09/13/2018 5:00 am EST

I think exceptional returns for the metals are a slam dunk for long-term investors who take advantag...