Crude Oil Rebounding on Spanish Bailout


Long term support trend line retest for WTI Oil on the weekly time frame. Current support is at 81.14 which is 200 Week MA as well as a support trend line.

WTI price action must return above 85.00 to stand any chance of a further upside potentially targeting 90.00 level. The loss of 81.90 and a Weekly close below that level would be seen as extremely Bearish for WTI ultimately targeting the next support level at 70.00 which is a cluster of previous lows during 2012 and 2011.

Brent Crude must achieve a daily close above 100 in order to potentially target 105.

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