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Technical Oil
Written by article default Wednesday, 09 March 2011 17:07
Oil ReportMidday Report
Crude is trading around the SMA 20 which is offseting the negativity on Stochastic; RSI appears to be neutral above 50.00 points. Crude is trading above the key support that is protecting the CD leg of the harmonic crab pattern that is expected to be completed around $108.00. We hold onto our intraday positive expectations due to the factors mentioned in our morning report.
The trading range for today is among the key support around 100.40 and the key resistance around 108.00.
The short term trend is expected towards the upside as long as the daily closing is above 98.00 with targets at 113.35.
| Support | 104.00 | 103.70 | 103.30 | 102.75 | 102.20 |
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| Resistance | 105.40 | 106.85 | 107.30 | 108.00 | 109.75 |
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| Recommendation | Based on the charts and explanations above our opinion is buying crude around 104.00 targeting 108.00 and stop loss with a four hour closing below 102.70, might be appropriate. | ||||