Markets

Technical Oil (2011-05-17)

Morning Report The positivity on Stochastic is accompanied by an upside rebound from areas around 96.60. We mentioned before that we require a daily closing below this level as the secondary image shows, and we can see it is still steady against the downside attempts. The general negativity mentioned in our previous reports and those seen today make us hold onto our neutrality for today until we see crude's movement around 96.60. The trading range for today is among the major support at 92.00 and the major resistance at 102.20. The short term trend is to the downside with steady daily closing below 109.75 targeting 85.40. Previous Report Weekly Report

Support 96.60 95.05 94.30 93.80 93.45
Resistance 97.70 98.50 99.40 99.85 100.40
Recommendation Based on the charts and explanations above we recommend observing trading today 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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