Markets

Technical Oil (2010-11-24)

Morning Report

Crude moved to the downside yesterday but managed to return today to move naturally within the fifth wave formation that ends with a bearish A wave created within it. Thus, we still expect more bearish movement to be available throughout the upcoming period, but we will not rule out the major fluctuation continuing with a slight chance of some bullish correction due to the positivity appearing through momentum indicators.

The trading range for today is among the key support around 77.80 and the key resistance around 85.00.

The short term trend is expected sideways as long as trading is between 90.50 and 70.00 with weekly closings.

Previous Report

Weekly Report

Support 81.00 80.70 80.10 79.85 79.00
Resistance 81.80 82.10 82.50 82.85 83.20
Recommendation Based on the charts and explanations above our opinion is selling crude around 81.80 targeting 79.85 and stop loss above 82.50, 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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