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Technical Oil
Written by article default Wednesday, 02 March 2011 18:14
Oil ReportMidday Report
Crude declined due to the affect of the overbought signs and negativity on Stochastic; however, it was not able to set a four-hour closing below 99.50 – 99.40, where this level represents the support created from the Top B of the suggested harmonic pattern. Hence, we expect the bullish intraday trend to return once again as long as crude does not breach and stabilize below 98.00. We recommend reviewing our morning report for more details regarding the harmonic pattern.
The trading range for today is among the key support around 95.70 and the key resistance around 105.35.
The short term trend is expected towards the upside as long as the daily closing is above 84.00 with targets at 104.65.
| Support | 99.40 | 98.60 | 98.00 | 97.25 | 96.30 |
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| Resistance | 100.60 | 101.80 | 102.40 | 103.35 | 103.85 |
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| Recommendation | Our morning expectations remain valid. | ||||