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Technical Oil
Written by article default Friday, 09 September 2011 09:39
Morning Report: crude oil futures for October settlement
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An intraday bullish flag may be developing as shown on the chart, which suggests bullishness if breached; at the same time, over the longer time horizon we can see a bearish rising wedge formation (colored in red) suggesting bearishness, where also crude is near the main descending resistance (trend line) that protected the price from 115.00 top. Therefore, due to these sensitive factors and contradictions, we will stay aside this morning as well, awaiting a clearer sign that may confirm any upcoming intraday move.
The trading range for today is among the major support at 85.00 and the major resistance at 93.00.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 88.50 | 88.00 | 87.20 | 86.50 | 85.90 |
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| Resistance | 89.50 | 89.90 | 90.30 | 91.00 | 92.00 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations. | ||||
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