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Crude Oil technical outlook for 5th March 2013

by Mantraa Commodity

crude_oildaily

Now crude is trading around 4960 ($90.40) & as we can see on charts the area around this level represent 61.8% feb correction level of last wave . At the same time this area is in combination of parallel support. Oversold indicators also hinting for a correction or sideways trading ahead.However there is no positive pattern or move.

Based on above studies, we will prefer to wait for a buying signal & thus prefer to buy for some possible targets around 5040 ($92.15) & then 5080 ($93). Only a day close below 4870 ($89.10) will reject the possibility.

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