Following the collapse of crude oil prices over the second half of 2008 where the price fell from $147 to $33, prices have steadily climbed back, albeit slowly. This week's rally to $103 has completed a 61.8% retracement of the June 2008 to January 2009 price drop.
Should the commodity continue to move higher, resistance is found at this week's high at $103, followed by $110 and $122, as well as the all-time high near $147.
Support should be found at $93, with further support at $83 and $73. The rising trend line off of the February 2009 low may also prove to be supportive.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.