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Technical Oil
Written by article default Monday, 14 March 2011 19:00
Oil ReportMidday Report
The rebound from 98.60 to the upside insures our previously suggested count, where this level is the 38.2% correction for the impulsive wave shown above; hence, steady trading above the highlighted level above signals the possibility for a bullish trend before reversing once again. We recommend reviewing our morning weekly report for more details regarding the expected bearish reversal level around 103.70.
The trading range for this week is among the key support around 93.50 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 | 98.60 | 98.00 | 97.25 | 96.30 | 95.70 |
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| Resistance | 100.40 | 101.50 | 102.20 | 103.70 | 104.00 |
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| Recommendation | Based on the charts and explanations above our opinion is buying crude around 99.00 targeting 102.20 and stop loss with a four hour closing below 98.00, might be appropriate. Keeping in mind our weekly expectations of a bearish reversal of levels between 102.20 and 103.70. | ||||