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Technical Oil
Written by article default Monday, 11 April 2011 15:49
Oil ReportMidday Report
Crude is gradually approaching 111.40 which is the minor support mentioned in our weekly report. RSI shows the possibility for the downside move to continue, yet the chart shows that the upside trend is still intact supported by the ascending channel and supports the likelihood for crude to return to the upside once again. Stability above 110.20 areas keeps the upside trend valid.
The trading range for this week is among the major support at 108.00 and the major resistance at 116.75.
The short term trend is to the upside with steady daily closing above 104.00 targeting 116.75.
| Support | 111.40 | 110.65 | 110.20 | 109.65 | 109.00 |
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| Resistance | 111.95 | 112.10 | 112.70 | 113.00 | 114.10 |
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| Recommendation | Based on the charts and explanations above our opinion is buying crude around 111.40 targeting 116.00 and stop loss with daily closing below 108.70 might be appropriate this week | ||||