Crude Oil Analysis For The Week Of March 26, 2012

After failing to pierce the previous week’s low at $104.29, May Crude Oil made a low at $104.50 and proceeded to rally sharply higher. The market still closed lower for the week, but the close near the high indicates that crude oil may be developing some upside momentum.The short-term range is $110.95 to $104.29, making $107.62 a key pivot price. A breakout over this price and the market will be set up for further upside action. A failure at this pivot could mean the formation of a secondary lower-top which is often indicative of selling…

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