Markets

Technical Oil (2010-11-17)

Morning Report

Oil is approaching 81.80 areas which we mentioned in our previous report and breached the main support for the upside move which we depended on in the Elliot count shown on chart one. Yet, the heavy selling saturation on momentum indicators might force us to reassess the downside move from the top areas around 88.50 to see the possibility of creating an IM of bearish A wave shown in chart two. Therefore, further bearishness is expected for today yet areas of 81.80 must be breached to confirm the negativity.

The trading range for today is among the major support at 79.70 and the major resistance at 85.00.

The general trend is sideways as far as trading is between 90.50 and 70.00 with weekly closing.

Previous Report

Weekly Report

Support 82.00 81.80 81.10 80.70 80.00
Resistance 82.50 83.20 83.70 84.00 84.80
Recommendation Based on the charts and explanations above our opinion is selling oil around 83.20 targeting 81.10 and stop loss with four-hour closing above 84.00 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.


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

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