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Technical oil
Written by article default Monday, 30 January 2012 07:23
Oil Report
Midday Report: Crude Oil Futures for March Settlement
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In addition to the bullish technical pattern we mentioned this morning, the double bottom formation we mentioned yesterday with a neckline among 99.80-100.00 remains intact, as the commodity failed to settle below the down sloping neckline; accordingly we will continue counting on the double bottom to expect further bullishness today, supported by the 50 days SMA as well.
The trading range for the day is expected among the major support at 97.00 and the major resistance at 102.50.
The short-term trend is to the downside with steady daily closing below 105.00, targeting 65.00.
*GMT+2 Candlesticks*
| Support | 99.00 | 98.00 | 97.50 | 97.00 | 96.50 |
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| Resistance | 100.00 | 100.90 | 101.50 | 102.20 | 103.00 |
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| Recommendation | Based on the charts and explanations above our opinion is buying crude around 99.70 and take profit at 100.50,101.50 and 102.25 stop loss with 4-hour closing below 99.30 might be appropriate. | ||||
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