Members login
Technical Oil
Written by article default Saturday, 05 February 2011 10:33
Oil ReportMidday Report
The SMA 50 is standing against crude’s rise, where it is currently trading below key support for the bullish trend that has taken a form close to a wedge pattern. Hence, we hold onto our morning expectations. Stability below 91.35 increases the likelihood for the downside move.
The trading range for today is among the key support around 86.75 and the key resistance around 93.10.
The short term trend is expected towards the upside as long as trading is above 84.00 with targets at 99.00.
| Support | 90.50 | 90.00 | 89.85 | 89.05 | 88.60 |
|
|
|||||
| Resistance | 91.35 | 91.85 | 92.10 | 92.60 | 92.80 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is selling crude around 91.35 targeting 87.30 and stop loss above 92.60, might be appropriate. | ||||