Crude

9th September 2013 and ahead: Crude Oil

As a result of Syrian issues crude kept moving upwards and did not face any major resistance. On 9th September we will come to know of America's stand on Syria and that will be a major driver of Crude prices fundamentally for medium term. Let's see what the charts say from a technical angle.
Crude EOD
Below 7090, Crude can test levels of 6900-6910 which is seen as a good support. Below 6900, Crude becomes bearish and can test levels of 6600 and 6500. Breaking above 7330 can send crude rallying till 7500 and 7750-7800 levels. Shorts below 7090 must have a SL of 7200 and if it breaks below 6900 then SL should be 7000. Technically, crude has broken the upper range of a rising channel which is a touch trend to sustain. So 6500-6600 levels are possible on Crude but if 7330 breaks then Crude can give a very fast rally upwards.
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