24.03.201406:34 Forex Analysis & Reviews: Technical analysis of Crude for March 24, 2014

Crude oil has been trying to come out a pattern. It is improving its support levels from the last couple of trading days. In the Asia's trading session, the pair is trading at the $99.34 level. On the downside, the price has support at 98.24 and 97.37. After a break below the level of 97, it will drift up to 96, 95, 94, and 91.5. Major crack below the level of 91.5 towards the 86-87 levels, where we expect a bottom will be formed and move to a new high for 2014 year. On the upside, if the price comes out of the pattern, it will fly up to 100.80, 101.5, 103.5, 105.2, and finally 109.95. The RSI is in a sell mode in the daily chart, indicates further weakness in the coming days.

Intraday-

In the H4 chart, the price is taking support at the 98.95 level (50SMA). After a break below 98.95, it will fall to 98.25 and 97.75 levels immediately. On the up side, crude is facing resistance at the level of $100. If it trades above the 100 mark, it will fly up to 100.25, 100.50, and 100.80 immediately. A major up move will take place if it trades above the level of $100.80 towards 101.5.