NYMEX:CLV2012 CRUDE OIL FUTURES (OCT 2012)
WTI Crude price action is showing a pattern. The price action could not break above 200 Day , after pulling back to retest 20 period level. However Friday candle is very in nature. Any further upside will be capped by 98.29 followed by 100.68 and finally 106.43 levels. Alternatively if the support of 20 period and rising fail to provide future support at 94.89 level the next support could potentially be found at 92.50 and 90.00 which is the 38.2% Fib Retracement from the current high of 98.29. Indicators like and are pulling back from overbought levels.