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Technical Oil
Written by article default Friday, 29 April 2011 11:40
Oil ReportMidday Report
Trading is still very weak yet trading is mostly above 112.45 supporting the morning scenario which remains intact. Stability above 111.10-00 keeps the possibility for testing 115.55 valid as the first likely test areas of the harmonic formation shown above.
The trading range for today is among the major support at 109.75 and the major resistance at 115.70.
The short term trend is to the upside with steady daily closing above 105.75 targeting 118.45.
| Support | 112.20 | 111.45 | 111.10 | 110.65 | 110.20 |
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| Resistance | 113.05 | 113.85 | 114.50 | 115.55 | 115.80 |
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| Recommendation | Based on the charts and explanations above our opinion is buying crude around 112.20 and take profit in stages at 114.50, and 115.55 and stop loss with four-hour closing below 111.00 might be appropriate | ||||