Technical Oil (2010-03-12)

Crude is trading in an ideal manner, according to yesterday's scenario within the minor ascending channel, after targeting its resistance we expect trading to continue naturally within this channel. Therefore, we await a new touch of support that is at 81.70 followed by a bullish rebound achieved through crude's possible ascend over an intraday basis; where first targets are at 82.60, then attempt to breach it to pace the way to achieve the following targets for the short term bullish waves at $84.30 per barrel. Keep in mind that the breach of 81.00 will weaken chances of achieving these expectations.

The trading range for today is among the key support at 81.00 and the key resistance at 84.30.

The general trend is to the upside as far as 65.60 remains intact with targets at 85.00.Support81.7081.0080.1579.8078.85Resistance82.6083.4584.0084.3085.20RecommendationBased on the charts and explanations above our opinion is buying oil from 81.70 targeting 82.60 and stop loss below 81.00, might be appropriate.