May 15, 2013
Forex Flash: 93.60 level looks to fortify recent drop in crude oil – RBS
FXstreet.com (Barcelona) - Crude Oil prices reached the 93.6 support, formed by a Fibonacci retracement from the August- September 2012 impulse wave. However, “A negative crossover in the overbought 10/3/3 slow stochastic and a turn in 12/26/9 MACD oscillator suggest correction is looming to the 90.5 support region. Also it is worth noting that the price might be forming a head and shoulders pattern, with a target of 90/90.5.” suggests Dmytro Bondar, a Technical Markets Strategist at RBS.