Oil Below $70?

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Oil Below $70?

Published on Monday, 17 May 2010 00:16 Written by Christopher Lynn

New York, May 17^th (TradersHuddle.com) – Crude oil is currently being hit by Asia sell-off, as its trading at $70.40 per barrel on the benchmark crude future contract for June Delivery.

Traders will monitor the $70 level for the price of crude, as it is approaching long term support at $68 area. In the case of the United States Oil Fund (NYSE:USO) the long term support area is just below the $34 area.

If oil is going to stage a bounce, it could do it from here; however there has not been a clear reversal pattern yet for traders to jump in to a bounce in oil, and given that the Dollar continues to rise versus the euro it could be some time before oil stages a relief rally.

The United States Oil Fund is a domestic exchange traded security designed to track the movements of light sweet crude oil ("West Texas Intermediate").

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