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Technical Oil
Written by article default Thursday, 24 March 2011 13:46
Oil ReportMidday Report
Crude is trading around 106.30 defined previously as PRZ for the harmonic crab pattern. Stability below this level will reassure the negative outlook which we maintain with trading below 107.30. Note that stability above 107.30 will fail the mentioned harmonic pattern and carry crude into a volatile bullish direction which could retest 108.00 and reach 109.65.
The trading range for today is among the key support around 101.80 and the key resistance around 109.60.
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 | 106.00 | 105.75 | 105.25 | 104.75 | 104.30 |
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| Resistance | 106.85 | 107.30 | 108.00 | 109.60 | 110.20 |
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| Recommendation | Our morning expectations remain valid. | ||||