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Technical oil
Written by article default Wednesday, 23 November 2011 08:04
Morning Report: Crude Oil Futures for January Settlement
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Heavy fluctuations dominated yesterday , while trading remain steady above the 23.6% Fibonacci level around 96.65, the intraday downside bias continues to be bearish as the commodity is attempting another test toward the 200 days SMA and 95.50 region, while trading should remain below 99.85 for the downside bias to remain intact. For now, we will continue to monitor trading awaiting a fresh signal before our midday report.
The trading range for the day is among the major support at 94.00 and the major resistance at 100.00.
The short-term trend is to the downside with steady weekly closing below 105.00 targeting 65.00.
*New York Time Candlesticks*
| Support | 96.60 | 95.60 | 95.00 | 94.50 | 94.00 |
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| Resistance | 97.50 | 98.00 | 99.00 | 99.50 | 100.00 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations. | ||||
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