NYMEX crude breaks support at $81.64

Fri Mar 12, 2010 12:48pm EST

 NEW YORK, March 12 (Reuters) - Front-month April crude
futures traded on the New York Mercantile Exchange broke
trendline support in volatile trading on Friday, falling below
$81 a barrel before recouping some losses, traders said.
 "Looks like it broke trendline support around $81.64," said
Tom Bentz, broker at BNP Paribas Commodity Futures Inc in New
York.
 After that level, April delivery crude CLJ0 fell to the
midday low of $80.73. By 12:27 EST (1727 GMT), crude was
trading down $1.18 at $80.93 a barrel.
 Some analysts earlier placed support for the contract at
$80.80 to $80.90.
 The April contract traded as high as $83.16, with overhead
resistance seen at $83.95, the Jan. 11 continuation spot chart
high.
 (Reporting by Gene Ramos and Robert Gibbons; editing by Julie
Ingwersen)


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