Technical Oil (2010-01-28)

Crude was not able to achieve a bullish direction, due to the breach of resistance level for the bearish direction at 75.05 for a while, but at the same time we see that crude's price is stable above 76.4% correction; therefore making us expect crude to take a volatile fluctuating direction, until trading stabilizes abovekey resistance for the bearish direction or below 76.4% correction.

The trading range for today is among the key support at 70.60 and the key resistance at 76.60.

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

Previous Report Weekly ReportSupport73.4572.6572.3071.6070.60Resistance74.1574.6575.0576.6077.10RecommendationBased on the charts and explanations above our opinion is to avoid trading awaiting more confirmation signs for the pair’s direction, might be appropriate.