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Technical Oil
Written by article default Friday, 10 June 2011 07:40
Oil Report
Morning Report for Crude Oil Futures for July Settlement
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After stabilizing above 100.50 level and the median of the symmetrical triangle, oil headed to the upside as we expected in our previous reports to print a new high near 102.50 and the resistance of the triangle top. Therefore, we expect some downside correction before the resumption of the upside move over intraday basis. RSI is positive and above 50 suggesting the continuation of the move.
The trading range for today is among the major support at 98.00 and the major resistance at 104.50.
The short term trend is to the downside with steady daily closing below 109.75 targeting 85.40.
| Support | 101.15 | 100.70 | 99.75 | 99.00 | 98.20 |
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| Resistance | 102.30 | 102.75 | 103.40 | 104.00 | 104.50 |
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| Recommendation | Based on the charts and explanations above our opinion is buying crude around 101.00, and take profit in stages at 102.25 and 103.30. Stop loss with four hour closing below 100.50 | ||||
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