Technical Oil (2011-12-23)

Morning Report: Crude Oil Futures For February Settlement Oil extended the gains yesterday to reach near the top of the minor descending channel shown above. While this pattern may be a bullish continuation flag;however, we may see price reversal from the current levels around the descending resistance of the channel for a possible downside attempt within the flag formation. Accordingly, we expect some intraday downside attempts today. The trading range for the day may be among the major support at 95.00 and the major resistance at101.00. The short-term trend is to the downside with steady daily closing below 105.00, 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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