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Technical oil
Written by article default Thursday, 01 December 2011 07:41
Oil Report
Morning Report: Crude Oil Futures for January Settlement
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Oil successfully breached 100.30 level and rallied to print a high at 101.60 yesterday before retracing again to retest 100.30. Currently and after the correction, the commodity is attempting again to continue th bullish wave after completing a normal correction, therefore we expect the bullish attempts to extend further today, while steady trading above 100.30 is neccesary to maintain the upside bias.
The trading range fo 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.
Oil successfully breached 100.30 level and rallied to print a high at 101.60 yesterday before retracing again to retest 100.30. Currently and after the correction, the commodity is attempting again to continue th bullish wave after completing a normal correction, therefore we expect the bullish attempts to extend further today, while steady trading above 100.30 is neccesary to maintain the upside bias.
The trading range fo the day may be among the major support at 97.00 and the major resistance at 104.00
The short-term trend is to the downside with steady weekly closing below 105.00 targeting 65.00.
The short-term trend is to the downside with steady weekly closing below 105.00 targeting 65.00.
**GMT+2 Candlesticks**
| Support | 100.30 | 99.60 | 99.00 | 98.50 | 97.20 |
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| Resistance | 101.10 | 101.70 | 102.70 | 103.35 | 104.0 |
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| Recommendation | Based on the charts and explanations above we recommend buying oil around 100.30 targeting 102.50 and 103.35 , stop loss with hourly closing below 99.25 | ||||