Technical Oil (2010-02-22)

  on

Weekly Report 22 - 26 / February / 2010

Crude pushed upwards within the ascending channel that organizes short term trading, which appears in the side image. Meanwhile, trading stabilized above support for the general bullish direction - currently at 70.50 - and also above the MA 200, which are factors that point to more bullish direction for the remainder of trading this week; however, note that the clear negative momentum on technical indicators could push crude to bearishly correct before it resumes the bullish trend. The expected targets for this start from $82.00 then 85.00 but pay attention to that the 78.00 may weaken chances of achieving these expectations.

The trading range for today is among the key support at 75.20 and the key resistance at 85.00.

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

Previous ReportSupport79.1578.6078.0077.6576.50Resistance80.0080.5081.3582.0082.70RecommendationBased on the charts and explanations above our opinion is to avoid trading awaiting more confirmation signs for the pair’s direction, might be appropriate.

Join the Discussion