Technical Oil (2012-04-24)

By International Business Times,  April 24, 2012, 01:35:04 AM EDT

Morning Report Oil declined affected by the main descending resistance of the bearish trend that started from 110.54 top as shown on image. This main resistance is located around 105.35 where any trading below this level shall keep the bearish trend intact. Meanwhile, there are two possible harmonic patterns, thus supporting the downside bias where trading below 104.25 keeps the bearishness in favor. The trading range for today is expected among the major support at 99.50 and the major resistance at 105.35. The short-trend trend is to the upside with steady daily closing above 99.60, targeting 116.50. **New York Candlesticks** Previous Report Weekly Report

Support 102.80 102.00 101.70 101.20 100.60
Resistance 103.00 103.40 103.80 104.25 104.75
Recommendation Based on the charts and explanations above our opinion is selling crude below 103.40 targeting 102.00 and 101.20, stop loss above 104.25.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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