Markets

Technical Oil (2012-02-23)

Morning Report: Crude Oil Futures for April Settlement Sharp fluctuations however with a bullish bias dominated trading recently as a result of the contradiction between the overbought stance on momentum indicators and the bullish butterfly. We still think that trading above 105.25 today supports the bullish bias. According to harmonic trading; the pair may be in its way to test the 127.2% Fibonacci extension level for CD leg around 107.60. While taking into consideration that breaching 107.60 shall result in further strong incline. The trading range for the day is expected among the support at 103.35 and the resistance at 108.85. The short-term trend is to the downside with steadyweekly closingbelow 105.00, targeting 65.00 *New York Candlesticks* Previous Report Weekly Report

Support 105.25 104.75 104.40 103.90 103.35
Resistance 106.00 106.60 107.10 107.60 108.85
Recommendation Based on the charts and explanations above our opinion is buying crude above 105.25 targeting 106.60 and 107.60. Stop loss four-hour closing below 104.40.

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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