Technical Oil (2011-08-22)

Weekly Report (22-26 August 2011) for Crude Oil Futures for October Settlement As seen on the chart above, oil has breached important long term support levels such as the ascending channel and the 52 weeks SMA as shown on image and lately it managed to end the week below 85.00 support(which is also the 38.2% Fibonacci correction for the long term bullish wave starting from 2008 lows) suggesting a possible downside move for this week as well, the move may attempt to retest the recent low near 75.00 area. Trading range for the week is among the major support at 74.00 and the major resistance at 89.00The short term trend is to the downside with steady daily closing below 100.00, targeting 65.00. Previous 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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