Technical Oil (2011-08-23)

Morning Report for Crude Oil Futures for October Settlement Oil rallied yesterday to reach the 85.00 barrier and the 61.8% Fibonacci correction of the latest bearish wave, the commodity is also near the short term descending resistance. Accordingly we may see an intraday downside move supported by a possible rising wedge formation as well, however, it requires four hour closing to remain below 86.00. Trading range for the day is among the major support at 80.00 and the major resistance at 86.00.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.

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.