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Technical oil
Written by article default Friday, 16 December 2011 08:20
Oil Report
Morning Report: Crude Oil Futures For January Settlement
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Crude oil breached the sensitive support areas around 95.00 which completed the formation of the bearish pattern that signals further intraday bearishness for today. We might see the retest of the breached support due to the positivity on Stochastic before moving towards targets at 92.80 then 91.50. Breaching areas of 95.00 will negate the bearish expected scenario.
The trading range for today is among the major support at 90.00 and the major resistance at 97.50.
The short-term trend is to the downside with steady daily closing below 105.00 targeting 65.00.
| Support | 93.20 | 92.80 | 92.00 | 91.50 | 91.00 |
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| Resistance | 94.25 | 95.00 | 96.00 | 97.40 | |
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| Recommendation | Based on the charts and explanations above our opinion is selling crude around 95.00 and take profit at 92.80 and stop loss with four-hour closing above 95.90 might be appropriate | ||||
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