Members login
Technical oil
Written by article default Monday, 02 January 2012 07:14
Oil Report
Midday Report: Crude Oil Futures For February Settlement
 |
Oil is pushing to the upside attempting another test of the descending resistance that halted the latest bullish attempt earlier. Stochastic continues to be in transition from positivity to negativity. For now and before the new years holidays we will remain on neutral awaiting more clear signals.
Wishing you a happy, enjoyable, and lucky new year.
The trading range for the day may be among the major support at 96.50 and the major resistance at 103.45.
The short-term trend is to the downside with steady daily closing below 105.00, targeting 65.00.
| Support | 99.35 | 98.50 | 98.00 | 97.50 | 96.75 |
|
|
|||||
| Resistance | 99.80 | 100.20 | 100.60 | 101.50 | 102.30 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmation. | ||||
|
||||||||||||