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Technical Oil
Written by article default Monday, 04 April 2011 18:28
Oil ReportMidday Report
According to the four hour image above, major overbought signs are appearing on RSI 14 pushing crude to show a negative actions. This negativity has been expected since this morning in our weekly report, meanwhile trading above 106.55 will maintain our classical bullish trend. The upside channel that is initially support around 104.80 shields bullish classical expectations, but note that we will presently change the expected bullish expected rebound from 107.30 to 106.55.
The trading range for this week is among the key support around 103.20 and the key resistance around 112.50.
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 | 107.30 | 106.55 | 106.30 | 106.00 | 105.85 |
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| Resistance | 108.45 | 109.00 | 109.65 | 110.20 | 111.35 |
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| Recommendation | Based on the charts and explanations above our opinion is buying crude around 106.55 targeting 110.20 and stop loss with a daily closing below 104.80, might be appropriate. | ||||