Technical Oil (2009-12-21)

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Midday Report

Crude is taking a bullish path through the ascending channel that organizes the current bullish short term wave, after which the breach of the neckline level for the bearish technical pattern, shown in our previous report, will prevail. We expect a base to be built on support for this channel around 74.15 and then achieve a possible bullish intraday; targeting mainly pivotal resistance levels 76.65 - the support level for the previously breached general bullish direction -.MA 50 supports the expected bullish direction, which requires trades to remain 73.60 for it to prevail.

The trading range for today is among the key support at 73.10 and the key resistance at 76.65.

The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.

Weekly Report

A different overview on Oil -click here-.Support74.1573.6073.1072.2571.15Resistance75.6076.1076.6577.6078.00RecommendationBased on the charts and explanations above our opinion is buying oil from 74.15 targeting 76.65 and stop loss below 73.10, might be appropriate.

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