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Technical Oil
Written by article default Friday, 05 August 2011 11:25
Midday Report for Crude Oil Futures for September Settlement
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After touching 82.80 which is the 161.8% extension of the latest bullish wave as shown in image, the commodity failed to close over four-hour basis below 85.00 and rebounded strongly to hit 87.00 area and the 127% extension of the same wave. we still favor a bearish move for oil today; nevertheless and due to the extreme volatility and the high risk accompanied with it during the release of the NFP report we will stay aside for the rest of the day.
Trading range for the day is among the major support at 89.60 and the major resistance at 80.00.
The short term trend is to the downside with steady daily closing below 100.00, targeting 65.00.
| Support | 85.10 | 84.50 | 84.00 | 83.50 | 82.80 |
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| Resistance | 86.10 | 86.60 | 87.00 | 88.50 | 89.60 |
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| Recommendation | We recommend staying aside for the rest of the day. | ||||