Crude saw biggest weekly gain on US Economy. Reports indicated that growth in the world highest crude consumer will accelerate, and as a result it made a high of 5300 before recovering from the low of 4940, which indicates short-term trend is bullish. Now in this week, price stays above 5300 for a few sessions, will move further and may test 5375, thereafter further up-move cannot be ruled out. On the lower side, 5150-5170 to watch out, decisively breaking with volume with downward bias, do not open / hold long side.
Trend Decider of this week: 5180.
NYMEX: Next week, crude may continue rising and market speculation that sanctions against Iran will curb supply from the world's third largest oil exporter.
Trend Decider of this week: 5180.
NYMEX: Next week, crude may continue rising and market speculation that sanctions against Iran will curb supply from the world's third largest oil exporter.
