NYMEX Crude Oil Technical & Fundamental Analysis (April 10, 2013)

The Crude Oil found a good support on the uptrend line, causing bullish rebounds on this commodity.

The Crude Oil (NYMEX:CL) respected the dynamic support of the moving average of 200 and the uptrend line, which means it is very possible that this commodity continues its path towards the next resistance level of 94.80. If the Crude Oil does a breakout in this resistance, is likely to continue rising to at the psychological resistance level at 98.00. For now, it wouldn’t be advisable to open orders against the trend, as the Crude Oil has well respected the trendline, touching it more than 3 occasions in recent days.

The MACD indicator is in neutral territory, yet we see no force in this commodity bull but we are waiting for what will happen in today’s session with Crude Oil.

In the fundamental outlook, we must pay attention to the publication of the USA Crude Oil Inventories., which has a previous reading of 2.7M and a forecast of 1.6.M.

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