October 18, 2010,Crude oil: Consolidation mode

After surpassing the upper end of the rising channel as well as a crucial falling trendline, crude oil is in a consolidation mode. The consolidation can take form of a triangle or a flag. Crude oil has multiple supports in the south. The daily MACD is rising in a channelised manner. The commodity is trading above the short term as well as the medium term moving averages viz 21-50 DEMA and 21- 50 WEMA. Hence there is a high probability that crude oil will resume with the rally and march towards the previous high ie $87.15. In the south, the level of $78.7 will act as a key support.

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