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Technical Oil
Written by article default Tuesday, 22 March 2011 00:52
Oil ReportMidday Report
Crude it trading within a narrow range with a slight positive bias, where we have classic bullish pattern and will be confirmed with an hourly closing above 104.35 that could push crude towards possible reversal levels of D2 or D3 points to form a harmonic crab pattern. Meanwhile, the opening gap is preventing crude from reacting to the classic pattern without an hourly closing above 104.35. Therefore, we remain neutral on crude for today due to the confliction between the bearish harmonic pattern and the bullish classical pattern.
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 | 103.70 | 102.75 | 102.20 | 101.80 | 100.95 |
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| Resistance | 104.35 | 104.70 | 105.20 | 106.30 | 106.85 |
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| Recommendation | Based on the charts and explanations above we remain neutral until further confirmation to insure the upcoming direction | ||||