NYMEX Crude : Key support today at 103.30, resistance at 105-106
March 9, 2011 Leave a comment
A quick look at NYMEX Crude weekly chart shows a potential top forming, but we suspect the Gaddafi effect might yet see a fresh high. Talk of him leaving does not seem to be true, and it would not surprise us in the slightest to see another spike due to events in Libya, or worse still in Saudi or Bahrain.
In terms of support, NYMEX CL (Continuous contract) has a key level today at 103.30 or so, and if it is taken out there will be room for a dip right back to 100-101.
A breakout scenario has 105-106 as a near term barrier, but if oil passes this level, it will likely have a go at the week high at 106.94