Members login
Technical Oil
Written by article default Monday, 30 May 2011 09:17
Midday Report for Crude Oil Futures for July Settlement
 |
After touching areas between 98.00 and 97.70 support level, oil rebounded to prove the strength of the reversal from 96.60 level and confirm the bullish technical formation effect. Current trading may be slightly affected by the negativity on the Stochastic, however, RSI tends to incline, therefore we will keep on our positive morning expectations, taking into account that the current bullish bias may be temporary and the general downtrend may resume afterwards.
The trading range for today is among the major support at 94.30 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 | 98.20 | 97.70 | 96.60 | 95.05 | 94.30 |
|
|
|||||
| Resistance | 99.85 | 100.40 | 101.05 | 101.80 | 102.75 |
|
|
|||||
| Recommendation | Our morning expectation is still valid | ||||