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Technical oil

Written by article default Wednesday, 07 December 2011 07:26

Oil Report

Morning Report: Crude Oil Futures for January Settlement
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 recovered yesterday testing 101.50 area again, however trading remains below the breached ascending support of the bearish rising wedge formation, while momentum indicators are flat around neutral levels. Thus, the intraday bias for the commodity remains unclear pushing us to remain neutral awaiting further directional signs before the midday report.

The trading range for the day may be among the major support at 95.50 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.

**GMT+2 Candlesticks**

Previous Report Weekly Report

Support 101.30 100.30 99.75 98.90 98.20
Resistance 101.60 102.40 102.85 103.35 104.00
Recommendation Based on the charts and explanations above we recommend staying aside awaiting more confirmation.



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