Members login
Technical Oil
Written by article default Tuesday, 26 July 2011 10:44
Oil Report
Midday Report for Crude Oil Futures for September Settlement
 |
Nothing noticeable since morning, crude is still trading within a narrow range among the short term horizontal channel shown in image, a breakout may occur soon, and will be confirmed by breaching 98.70 to the downside or 100.15 to the upside. Therefore, we will hold onto our bullish expectations for the rest of the day, while breaching 98.70 may negate it.
Trading range for the day is among the major support at 96.60 and the major resistance at 101.50.
The short term trend is to the downside with steady daily closing below 105.00, targeting 87.00.
Detailed Analysis for Crude Oil
| Support | 98.70 | 98.00 | 97.10 | 96.60 | 95.60 |
|
|
|||||
| Resistance | 99.50 | 100.20 | 100.80 | 101.40 | 102.00 |
|
|
|||||
| Recommendation | We recommend buying oil around 98.75 targeting 100.00 and 101.30 stop loss and reverse order with hourly closing below 98.70 targeting 96.80 stop loss hourly closing above 98.90 | ||||
