10.05.201115:13 Forex Analysis & Reviews: CRUDE OIL Bullish Outlook May 10, 2011 (Daily Strategy)

Long-term review

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CRUDE OIL

An especially sharp and aggressive wave of rice drops negatively affected the price of oil, causing a fall from record heights of 114,80 dollars to a new low of 94,8 dollars within the space of just four days, this represents an interesting buy opportunity with the potential for a very nice profit.

The first portion can by bought now and strengthened later by an additional portion in the event that the price of oil breaks through the nearby resistance rate at 102.50 dollars or close above the weekly pivot line. Exists another possibility that oil prices continue their downward sequence, therefore a rebound by the level of monthly support around 98.90 would be an attractive opportunity to buy long term.

The price of oil is expected to easily rise above the resistance level of 110,40 dollars and perhaps go even higher than that.

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