By Mohammed Isah of

Crude oil futures remain vulnerable to the downside having reversed most of their Friday gains after staging a failed attempt on the upside on Monday.

Click here for a chart of crude oil.

This has left risk towards its Feb. 3 high at $78.01 a barrel where a halt is expected. But if it snaps we could see further price declines towards its long-term rising trendline at $76.83.

While crude Oil holds and trades above the mentioned key supports, we expect the commodity to stage another attempt on the $80.75 level. Further down, supports are located at the $73.08 level, its Feb. 12 low, and then its year-to-date low at $69.69. Its daily RSI is bearish and pointing lower supporting this view.

On the upside, a break of the $80.85 level is required to create scope for further upside gains towards the $83.93 level with a break triggering the resumption of its medium-term uptrend now on hold towards the $85 level and then its psycho level seen at $90.

On the whole, though vulnerable, crude oil looks to recapture the $80.75 level while it holds above the $78.01/$76.83 levels.
Mohammed Isah is a technical strategist and head of research at, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and At, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces The Professional Suite for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.