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Technical Oil
Written by article default Tuesday, 22 March 2011 20:24
Oil ReportMidday Report
Crude gradually descended in an attempt to breach 102.75 that represents the top X point for the harmonic pattern, alongside the classic ascending support level. In the meantime, the bearishness is supported by the need to cover the week's opening gap; however, without any four-hour closing below 102.75 since that will drive crude to retest 104.35 once again. Hence, we recommend remaining neutral today.
The trading range for today is among the key support around 99.40 and the key resistance around 106.85.
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 | 102.75 | 102.20 | 101.80 | 100.95 | 100.40 |
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| Resistance | 103.35 | 103.70 | 104.35 | 104.65 | 105.25 |
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| Recommendation | Based on the charts and explanations above our opinion is remaining neutral until signs that insure the upcoming direction appear, might be appropriate. | ||||