17.05.201115:18 Forex Analysis & Reviews: CRUDE OIL Bullish Outlook May 17, 2011 (Daily Strategy)

Long-term review

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The oil price is consolidating between the levels of 96.50 to 99.80, so it has not yet defined exactly if it continued its downtrend in the short term, or retake its upward trend long term.

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 99.80 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 95.30 would be an attractive opportunity to buy long term.

The price of oil is expected to easily rise above the resistance level of 108,00 dollars and perhaps go even higher than that.

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