Markets

Technical Oil (2011-12-02)

Morning Report: Crude Oil Futures for January Settlement Oil successfully breached 100.30 level and rallied to print a high at 101.60 yesterday before retracing again to retest 100.30. Currently and after the correction, the commodity is attempting again to continue th bullish wave after completing a normal correction, therefore we expect the bullish attempts to extend further today, while steady trading above 100.30 is neccesary to maintain the upside bias. The trading range fo the day may be among the major support at 95.50 and the major resistance at 102.00. The short-term trend is to the downside with steady weekly closing below 105.00 targeting 65.00. Oil invalidated our intraday bullish expectations yesterday, as indecisive trading and fluctuations dominated the session. Today traders are anticipating the major NFP employment report this noon, thus we expect calm trading within the upcoming hours prior to the release, and we will wait and see if there is a possible breakout setup just before the release and the midday report. The trading range for the day may be among the major support at 97.00 and the major resistance at 104.00 The short-term trend is to the downside with steady weekly closing below 105.00 targeting 65.00. **GMT+2 Candlesticks** Previous Report Weekly Report

Support 100.00 99.55 98.90 98.00 97.10
Resistance 100.30 101.15 101.70 102.30 102.85
Recommendation Based on the charts and explanations above we recommend staying aside awaiting more confirmation.

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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