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Technical Oil
Written by article default Thursday, 03 February 2011 13:02
Oil ReportMidday Report
Crude touched levels between 91.85 and 92.10 and returned to move south once again, although we currently require the breach of 90.50 and after 90.00 to insure that the bearish trend is confirmed once again, driven by the bearish harmonic butterfly pattern. Overall, we hold onto morning expectations and Stochastic supports our expectations with a negative crossover from overbought areas.
The trading range for today is among the key support around 86.75 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 | 91.35 | 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. | ||||