Technical Oil (2011-12-09)

Morning Report: Crude Oil Futures for January Settlement The awaited downside breakout materialized yesterday, where the commodity breached important intraday downside barriers starting from the bearish rising wedge formation we mentioned earlier followed by the 99.60 horizontal support, to extend bearishness towards 97.70 now. RSI is negative and about to dip within oversold areas, next potential supports reside at 97.10-97.20 followed by the 200-days SMA around 95.50. The downside pressure could continue towards the aforementioned areas, while so long as trading is steady below 99.60 we expect downside pressure to remain dominant. The trading range for the day may be among the major support at 95.00 and the major resistance at 100.00. 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

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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