NYMEX:CLV2012   CRUDE OIL FUTURES (OCT 2012)
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WTI Crude price action reached overextended level currently retesting 200 Day SMA . Indicators like MACD and Stoch are at overbought levels. Support on the downside are located at 93.23 which is 20 period SMA followed by 90.26 ( 38.2% Fib Retracement from July lows to September highs ) and 87.70-88.49 which are 50 SMA and 50% Fib Retracement respectively. Resistance on the upside is located at 100, falling trend line , followed by 105.50. Crude price is extremely exposed to ongoing Geo-Political developments in the Middle East and disruptive weather patterns especially in relation to the Gulf of Mexico region.

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