NYMEX:CLV2012   CRUDE OIL FUTURES (OCT 2012)
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WTI Crude daily timeframe price action is showing a rising wedge pattern. The price action could not break above 200 Day SMA , after pulling back to retest 20 period SMA level. However Friday candle is very Bullish in nature. Any further upside will be capped by 98.29 followed by 100.68 and finally 106.43 levels. Alternatively if the support of 20 period SMA and rising trend line fail to provide future support at 94.89 level the next support could potentially be found at 92.50 and 90.00 which is the 38.2% Fib Retracement from the current high of 98.29. Indicators like MACD and Stoch are pulling back from overbought levels.

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