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Technical Oil
Written by article default Friday, 08 April 2011 18:30
Oil ReportMidday Report
The sharp ascend that resumed as expected since the breach of 106.55 currently stabilized around $111.00 per barrel, while it inched closer to key resistance for the upside trend around 112.10 since breaching it could witness more positivity. Morning expectations remain valid, while noting signs of growing overbought signs appearing on RSI.
The trading range for today is among the key support around 107.30 and the key resistance around 115.30.
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 | 111.35 | 110.65 | 110.20 | 109.80 | 108.70 |
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| Resistance | 112.10 | 112.70 | 113.05 | 113.65 | 115.30 |
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| Recommendation | Based on the charts and explanations above our opinion is buying crude around 109.80 targeting 112.10 and stop loss with a four hour closing below 108.30, might be appropriate. | ||||