Technical Oil (2011-08-19)

Morning Report for Crude Oil Futures for October Settlement Oil failed to reach our potential reversal zone around 90.00 and reversed earlier from 89.00 to invalidate yesterdays' scenario by breaching the rising wedge formation, the drop was significant and reached 80.60 as it breached all the important support levels and downside barriers. Therefore, we anticipate more bearish movement over intraday basis, however we hope that oversold conditions on momentum indicators signals a possible correction for entry with better risk-reward ratio.Trading range for the day is among the major support at 75.00 and the major resistance at 85.00.The short term trend is to the downside with steady daily closing below 100.00, targeting 65.00. Previous Report Weekly Report

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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