Weekly Report 08 - 12 / November / 2010
By breaching 127% correction for the BC leg, it is currently possible to retest the Fibonacci correction 161.85 at 90.50. All that is required now is the daily closing above 87.20 to insure this level's view, forming the top for point X. Keep in mind that trading built a base above 85.80 and maintains chances of a major bullish trend, where this scenario essentially requires trading to stabilize above 83.70 this week.
The trading range for today is among the key support around 82.50 and the key resistance around 90.50.
The short term trend is expected sideways as long as trading is between 90.50 and 70.00 with weekly closing.
Based on the charts and explanations above our opinion is buying crude around 86.15 targeting 90.50 and stop loss below 85.00, might be appropriate.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.