By Mohammed Isah of fxtechstrategy.com

Crude oil printed a high of $83.03 Friday, reversing its Thursday losses and resuming its near-term uptrend that began at the $69.69 level.

This development has left the commodity eyeing its 2010 high at $83.93 where a break will trigger the resumption of its medium-term uptrend currently on hold toward the $85.00 level.

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A decisive clearance of that level will put the commodity on the path to further upside gains toward the key psychological level at $90.00.

Although crude oil holds and trades above the $78.01 level, its Feb 3. high, our upside outlook on the commodity remains valid.

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Weekly stochastics are bullish and pointing higher, supporting this view.

On any pullback, the Feb. 22 high at $80.75 is expected to reverse roles and provide support, thus turning crude oil back up again.

Further down, support is located at the Feb. 3 high at $78.01, followed by the Feb. 25 low at $77.02. A turn below the latter level would pave the way for a move lower toward the commodity's long-term rising trend line, which is currently located at 73.43.

On the whole, with crude oil continuing to build on its nearer-term recovery activated at the $69.69 level, the risk continues to increase that it will recapture its medium-term swing high at $83.93.

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, 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 FXTechstrategy.com. 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 FXstreet.com. At FXTechstrategy.com, 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.

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