Crude trading near Major Resistance

Crude : $108/Barrel

 

If crude is able to trade above 111.77 where the 200day Moving average comes exactly. Then the following targets are possible $118, $125 with is the fibonnaci
retracements of 50% and 60% respectively taken between the recent high $147 and the
most recent low $90 as shown in the picture

 

Check our past view here.

http://www.marketcalls.org/2008/09/crude-technicals-for-week.html