Morning Report: Crude Oil Futures for March Settlement
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<p style="text-align: center;"><span style="font-size: small;"><strong>Midday Report: Crude Oil Futures for February Settlement</strong></span></p>
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<p style="text-align: justify; text-justify: inter-ideograph; background: white;"><span style="font-size: small;">Black gold is pushing to the upside since morning, attempting to test the resistance area we mentioned this morning, which managed to halt yesterday's rally. Stochastic continues to be lagging price action. In general, we <strong>hold onto our morning expectations</strong>.</span></p>
<p style="text-align: justify; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white;"><span style="background-color: white;"><span style="font-size: small;">The trading range for the day is expected among the major support at 98.00 and the major resistance at 102.40.</span></span></p>
<p style="text-align: justify;"><span style="font-size: small;">The short-term trend is to the downside with steady daily closing below 105.00, targeting 65.00.</span></p>
<p style="text-align: center;"><span style="font-size: small;"><strong><a href="http://ecpulse.com/en/dailyreports/technicaloil/2012/01/19/06-39-17/index.htm" target="_blank">Morning Report</a></strong></span></p>
<p style="text-align: center;"><a href="http://ecpulse.com/en/dailyreports/technicaloil/2012/01/16/06-24-34/index.htm" target="_blank"><span style="font-size: small;"><strong>Weekly Report</strong></span></a></p>
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</divMorning Report: Crude Oil Futures for February Settlement
Oil retreated yesterday after testing 100.00 level, however it maintains fluctuations among 98.00-100.00 and around the 50-days SMA. The overall ranging stance is clearly illustrated on the above daily chart; although the price ability to breach the short term ascending support hinted further weakness within the upcoming period, we would love to see a daily closing below 98.00 areas to target the 200-days SMA around 95.00 major support area. In general, we maintain our short term bearish expectations.
The trading range for the day is expected among the major support at 96.50 and the major resistance at 102.00.
The short-term trend is to the downside with steady daily closing below 105.00, targeting 65.00.
*GMT+2 Candlesticks*
