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Technical Oil
Written by article default Monday, 21 February 2011 15:06
Oil ReportMidday Report
Crude futures for April 2011 surged to the upside offseting the need for a bearish correction. According to the image above crude was able to stabilize above 93.05 forming the bullish classical formation, which could cause more bullish intraday movement. This expected bullish direction requires daily closing above 91.35.
The trading range for this week is among the key support around 90.00 and the key resistance around 84.15.
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 | 93.05 | 92.50 | 91.85 | 91.35 | 90.50 |
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| Resistance | 93.60 | 94.15 | 94.80 | 95.65 | 95.90 |
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| Recommendation | Based on the charts and explanations above our opinion is buying crude around 93.05 targeting 95.65 and stop loss below 92.05, might be appropriate. | ||||