Crude Outlook Mixed
07/05/2010 12:01 am EST
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.