Crude Oil's price has hit a long-term bullish support and the same price level which led to subsequent rally in Feb 2008. With equities still bullish and oil supplies low there should be no reason that crude should not bounce off the support again. Short term target is $100, then a movement back to $110 after a small correction after hitting R1.
The market has just hit a significant resistance line (bearish line R1) which has not been breached for over a year. Additionally the Stochastic is indicating the short-term market is over-valued. The 100 MA can also be considered a resistance line. The fed's announcement will either trigger the stop or send gold toward testing $1270 again.
R2 is a very significant resistance line which recently sent the market back to test the S1 and S3 support lines. Since early August 2013 there has been negative divergence between the MACD and the market, indicating the support lines were likely to fail. This recently happened when the market broke through S1 and S3 downward and broke through the "safety" support...
