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Hugo in HTO Trading,

LCrude: Holding at 84 what next?

Crude oil prices are holding at 84 amid growing concerns about the health of the global economy and rising crude stockpile levels in the US. Concerns about growth were brought to the forefront by the IMF this month as it cut the global economic growth forecasts for the third time this year.

LCrude initially fell on Friday, but found enough support in the region of 84 to turn things back around and close in the green. Because of this, it looks as if the market is going to try to give a short-term control to the bulls, but this market is in a bearish phase, and there is a massive amount of resistance closer to the 89.53 level.

Expecting upward move to 89.53 on a break above daily resistance at 86.43 (scenario 1) of a break below Friday’s low could push the commodity to a daily support at 81.32.

LCrude is a CFD written over Light Crude futures.