Technical Oil (2009-12-11)

 @ibtimes on December 11 2009 1:49 AM

Morning Report

Crude traded to the side all day yesterday, where this positive trading enforces our expectations; crude being able to reach the resistance level for the descending channel that organizes the bearish short term wave, in addition to gaining bearish momentum that supports the continuation of the expected bearish direction. We expect a bearish direction over an intraday basis for today that will build its base on 71.30 and initially target 69.30, while keeping in the importance of the four hours remaining below 71.70 to maintain chances of achieving these expectations.

The trading range for today is among the key support at 67.60 and the key resistance at 73.65.

The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.Support70.1569.3068.0067.6066.50Resistance71.3072.4573.6574.6575.55RecommendationBased on the charts and explanations above our opinion is selling oil from 71.30 targeting 69.30 and stop loss above 72.45, might be appropriate.

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