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Technical Oil
Written by article default Wednesday, 30 March 2011 07:30
Oil ReportMidday Report
Crude is attempting to set a four-hour closing below 38.2% correction for the CD leg from the bearish harmonic pattern, while this sign insures the bearish expectations will prevail. Some bullish correction is expected before continuing to move downwards, however, the four-hour closing below 103.20 could negate the need for the correction, while the pair continues to descend according to our harmonic expectations that we started the week with.
The trading range for today is among the key support around 101.05 and the key resistance around 106.55.
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 | 101.05 | 100.40 |
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| Resistance | 104.30 | 104.80 | 105.25 | 105.85 | 106.00 |
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| Recommendation | Based on the charts and explanations above our opinion is selling crude around 104.30 targeting 101.05 and stop loss with a four hour closing above 106.30, might be appropriate. | ||||