FX.co ★ Trading recommendation on crude oil for September 05, 2014

The oil prices were rejected from the previous week's high, made a high at $95.90 and started looking down. The crude oil has support between $92.56-92. In case of a daily close below 92, the oil extends its downward journey to $90-$88 initially. The medium will crack once the prices break out and close below this for a steep fall to the $81-80 levels. For hourly trading, the prices are closed and trading below the hourly key moving averages. On the higher side, it has resistance at the $94.84, 95.50, and $96.24 levels; on the lower side it has support at the $94, $93.50, and $95.56 levels.