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Technical Oil
Written by article default Friday, 18 February 2011 15:48
Oil ReportMidday Report
Stochastic continues is downside pressures on crude, yet the classical technical shows that the falling wedge still has bullish targets to reach; therefore, the negative momentum is not offseting the trend heavily. We hold onto our positive expectations over intraday basis since trading is stable above 85.00, while holding onto the overall positivity since crude will not breach 84.30.
The trading range for today is among the key support around 83.35 and the key resistance around 89.35.
The short term trend is expected towards the upside as long as the daily closing is above 84.00 with targets at 99.00.
| Support | 85.60 | 85.00 | 84.70 | 84.30 | 83.65 |
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| Resistance | 86.75 | 87.30 | 87.75 | 88.30 | 88.60 |
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| Recommendation | Our morning expectations remain valid. | ||||