23 března 2009


WTI Crude CLK9 testing last week’s high at $52,98 on renewed dollar weakness. After the 11% jump last week on the back of QE from the Fed and the subsequent worries about inflation some consolidation could be expected early this week.

The rally has mostly been due to dollar weakness as Crude Oil price in EUROs has not made any new highs yet.

The move above 100 day MA on Friday is positive but as the demand side has not picked up significantly yet keep an eye on the dollar for direction.

Support: 50.60 49.60 47.18Resistance: 53.60 56.90 58.30

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