Technical Oil (2011-04-29)
Morning Report Trading is around 112.45, and the harmonic formation is still valid, trading above 111.00 keeps this possibility valid towards 115.55 and we might see the CD leg extension towards 118.45. Therefore, we see that the upside move remains intact. The trading range for today is among the major support at 109.75 and the major resistance at 115.70. The short term trend is to the upside with steady daily closing above 105.75 targeting 118.45. Previous Report Weekly Report
Support
112.20
111.45
111.10
110.65
110.20
Resistance
112.85
113.05
113.85
114.50
115.55
Recommendation
Based on the charts and explanations above our opinion is buying crude around 112.20 and take profit in stages at 114.50, and 115.55 and stop loss with four-hour closing below 111.00 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.
