Members login
Technical Oil
Written by article default Thursday, 26 May 2011 09:36
Oil Report
Morning Report for Crude Oil Futures for July Settlement
Oil successfully achieved the initial targets we mentioned in our reports yesterday, where a bullish technical pattern has been completed with the breach of its neckline at 100.95 as shown in the secondary image, therefore, we expect the intraday upside move to continue today, targeting 102.75 and 103.55. Stability above 99.80 is required to keep our expectations valid.
The trading range for today is among the major support at 97.70 and the major resistance at 106.50.
The short term trend is to the downside with steady daily closing below 109.75 targeting 85.40.
| Support | 100.95 | 100.45 | 99.85 | 99.00 | 98.20 |
|
|
|||||
| Resistance | 101.80 | 102.20 | 102.75 | 103.55 | 104.55 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is buying crude around 100.95 and take profit in stages at 102.75 and 103.55 and stop loss with daily closing below 99.80 might be appropriate | ||||
