Get Adobe Flash player
 
Get Adobe Flash player

Members login

Technical oil

Written by article default Tuesday, 29 November 2011 07:05

Oil Report

Midday Report: Crude Oil Futures for January Settlement
Oil started the week higher, to testing 99.00 level this morning, the upside rebound hint that we may have seen a bottom near 95.00 areas, stochastic is attempting to crossover positively as well. However, steady  trading above 100.00 shall confirm the continuation of the bullish wave for this week towards the high at 103.35. otherwise, downside pressure may resume to retest the 94.50 major support again. For now, we will wait for more confirmation to suggest the possible upcoming move.

As shown on the chart above, after breaching the descending triangle formation oil rallied to test 100.00 areas,while Stochastic is attempting a bearish crossover  within overbought area, the 100.30 is a very important resistance level as well, if breached we may see another test of the latest high at 103.35, these technical factors may put price under pressure. However, we expect further intraday upside attempts but in general downside pressure should remain intact as long as steady trading continues below 100.30.

The trading range for the week is among the major support at 94.00 and the major resistance at 103.35.

The short-term trend is to the downside with steady weekly closing below 105.00 targeting 65.00.

Weekly Report



Support 98.65 97.30 96.00 94.50 93.00
Resistance 100.30 101.30 101.70 102.80 103.35
Recommendation Based on the charts and explanations above we recommend buying oil around 98.40 targeting 99.50 and 100.30 , stop loss with hourly closing below 97.90

Name :
e-Mail :
Country :
Comment :