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Technical oil
Written by article default Wednesday, 30 November 2011 07:36
Morning Report: Crude Oil Futures for January Settlement
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The commodity settled below 100.00 area, while, a possible rounding formation could be developing as shown on the chart , a breach above 100.30 could signal the continuation of the formation toward the high at 103.35. on the other hand breaching 97.10-97.30 to the downside could extend bearishness again initially toward 95.00 major support and the 200-days SMA. For now, we will wait for a breach of one of the aforementioned levels.
The trading range for the day may be among the major support at 95.50 and the major resistance at 102.00.
The short-term trend is to the downside with steady weekly closing below 105.00 targeting 65.00.
| Support | 99.00 | 98.60 | 98.00 | 97.15 | 96.60 |
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| Resistance | 100.15 | 100.70 | 101.30 | 101.75 | 102.50 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmation. | ||||
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