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Technical Oil
Written by article default Monday, 07 February 2011 15:58
Oil ReportMidday Report
Crude started its upside correction, as we expect that crude could retest levels between 90.00 – 90.50 before rushing to the downside once again due to the effect of the bearish butterfly pattern. Henceforth, our weekly expectations remain valid for the rest of the day.
The trading range for today is among the key support around 86.05 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 | 89.05 | 88.85 | 88.20 | 87.25 | 86.70 |
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| Resistance | 90.00 | 90.50 | 91.35 | 91.85 | 92.60 |
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| Recommendation | Based on the charts and explanations above our opinion is selling crude around 90.00 targeting 84.30 and stop loss with a daily closing above 92.60, might be appropriate this week | ||||