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Technical Oil
Written by article default Wednesday, 11 May 2011 14:03
Oil ReportMidday Report
Crude is starting to move slowly and was unable to stabilize above the main resistance for the upside wave. This signals the attempts to return to the downside once again, especially as crude attempts to stabilize below 103.60-50. Accordingly, our morning expectations remain intact.
The trading range for today is among the major support at 98.60 and the major resistance at 107.65.
The short term trend is to the downside with steady daily closing below 109.75 targeting 85.40.
| Support | 102.75 | 102.20 | 101.80 | 101.05 | 100.40 |
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| Resistance | 104.30 | 104.80 | 105.25 | 105.85 | 106.05 |
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| Recommendation | Based on the charts and explanations above our opinion is selling crude around 103.50 and take profit in stages at 100.45, 98.60 and 96.60 and stop loss with daily closing above 104.80 might be appropriate today | ||||