Markets

Technical Oil (2011-08-12)

Morning Report for Crude Oil Futures for September Settlement After breaching the top of the ascending triangle oil touched 84.40 before dropping again to test the ascending support(trend line) of the triangle and resume from there the bullish move toward 86.00 area. Stabilizing back above 83.00 area is a good bullish sign. However, we need stability above 85.00 again to confirm any move toward 89.50 pivot. For now, we expect to witness another attempt to the upside for a possible retest of 86.00 area.Trading range for the day is among the major support at 8100 and the major resistance at 99.60.The short term trend is to the downside with steady daily closing below 100.00, targeting 65.00. Previous Report Weekly Report

Support 84.50 83.90 83.30 82.60 81.80
Resistance 84.80 85.40 86.00 86.40 87.00
Recommendation Based on the charts and explanations above we recommend buying oil around 83.90 targeting 85.50 and 88.00. Stop loss with four-hour closing below 83.00 may 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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