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Technical Oil
Written by article default Tuesday, 18 January 2011 15:26
Oil ReportMidday Report
Crude is inclining since this morning, although this ascend was not able to trade steadily above the resistance at 91.85, where this resistance is still far from 92.60 the suggested pivotal reversal zone (PRZ) for the bearish harmonic butterfly pattern above. We expect a bearish intraday move and the negative crossover on Stochastic is still supporting these expectations.
The trading range for today is among the key support around 88.20 and the key resistance around 93.95.
The short term trend is expected towards the upside as long as trading is above 84.00 with targets at 99.00.
| Support | 90.80 | 90.50 | 90.00 | 89.85 | 89.05 |
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| Resistance | 91.85 | 92.10 | 92.60 | 92.80 | 93.10 |
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| Recommendation | Our morning expectations remain valid. | ||||