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Markets

Technical Oil (2011-05-04)

Morning Report Seemingly, crude settled for the time being for reaching areas of 114.50 in the past week and declined from there to breach areas of 111.00 with four-hour closing below it. This breach makes us favor the intraday bearishness yet crude faces a classic critical support between 110.20 and 109.75; those areas might be the final separator to drive crude back to the harmonic pattern, or confirm the downside move and for that we remain neutral for today awaiting more confirmations. The trading range for today is among the major support at 107.65 and the major resistance at 114.50. The short term trend is to the upside with steady daily closing above 105.75 targeting 118.45. Previous Report Weekly Report

Support 110.65 110.20 109.75 109.35 108.80
Resistance 111.45 111.80 112.45 113.05 113.85
Recommendation Based on the charts and explanations above we remain neutral awaiting more confirmations

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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Commodities