{"id":15082,"date":"2010-11-08T10:08:54","date_gmt":"2010-11-08T15:08:54","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=15082"},"modified":"2010-11-08T10:08:54","modified_gmt":"2010-11-08T15:08:54","slug":"spot-crude-oil-support-and-resistance-levels","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/11\/08\/spot-crude-oil-support-and-resistance-levels\/","title":{"rendered":"Spot Crude Oil Support and Resistance Levels"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong> &#8211; While the dollar may be the largest casualty from the Fed\u2019s  commitment to purchase 600 billion dollars worth of US government bonds,  the biggest winner may be crude oil.<\/p>\n<p>Following the Fed\u2019s announcement that essentially loosens US monetary policy, <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2010\/10\/29\/forex-news-us-advance-gdp-on-tap-today\/\">crude oil <\/a>is testing its highest price since May.<\/p>\n<p>A weak dollar is one reason for the rise in the price of crude oil.  As the greenback weakens, crude oil becomes less expensive for those who  hold foreign currencies. Another reason for the price increase in crude  oil is the expected recovery in the US economy.<\/p>\n<p>Looking at the weekly chart of crude oil, we can see that a key  resistance level rests between $86 and $87 dollars. This resistance  level stems from instances in December of last year and May of the  current year.<\/p>\n<p>We will be looking for a close above the $87 level to induce further buying of crude oil.<\/p>\n<p>Two resistance levels traders should keep in mind are the $90.50  mark, along with the psychologically important $100 a barrel price.<\/p>\n<p>This week\u2019s supports rest at the mid October low of $79.80 and the <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2010\/10\/05\/spot-crude-oil-breakout-trade-2\/\">long term rising trend line <\/a>at $76.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/11\/Crude-Oil.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/11\/Crude-Oil.JPG\" alt=\"\" width=\"590\" height=\"580\" \/><\/a><\/p>\n<p><em><strong>Forex <\/strong><strong>Market Analysis provided by <a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">ForexYard.<\/a><\/strong><\/em><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                                                                                                                      may     not       be                   suitable         for         all                               investors.                  There          is    a                                                       possibility                    that                            you               could                         sustain  a        loss              of     all             of              your                                               investment       and                                       therefore      you                                should         not                       invest                         money         that           you                                 cannot                    afford  to                            lose.      You                              should           be                aware            of                    all              the            risks                                       associated               with                   Foreign                           Exchange                               trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A weak dollar is one reason for the rise in the price of crude oil. As the greenback weakens, crude oil becomes less expensive for those who hold foreign currencies. Another reason for the price increase in crude oil is the expected recovery in the US economy.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-15082","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/15082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=15082"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/15082\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=15082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=15082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=15082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}