Technical Oil (2012-03-12)
Weekly Report 12-16 March The rally was stopped again at the main descending resistance colored in pink, where RSI has dipped below 50 and stochastic is trading negatively. These technical factors suggest that the recent bullish move was a correction, and price may start declining again now, taking into consideration that; these expectations depend on steady trading below 108.15. The trading range for the week is among the major support at 101.10 and the major resistance at 110.15. The short-term trend is to the upside with steady daily closing above 99.60 targeting 116.50. **New York Candlesticks** Previous Report
Support
106.45
106.00
105.25
104.80
103.70
Resistance
107.10
107.60
108.15
108.85
109.40
Recommendation
Based on the charts and explanations above our opinion is selling crude around 106.75 targeting 105.25,104.80 and 103.35. Stop loss with four-hour closing above 108.15.
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.
