Weekly 19 - 25 / April / 2010

Crude managed to achieve a breach of support for the ascending short-term channel that has formed the bearish technical pattern that has breached the neckline at 82.50. This breach points to a bearish correction for this week; targeting mainly $78.25 per barrel, while keeping in mind that these expectations will remain intact if we do not witness stability in trading above 83.55.

The trading range for today is among the key support at 78.25 and the key resistance at 87.05.

The short term trend is expected to the upside as far as 65.60 remains intact with targets at 88.00.

Previous ReportSupport81.6581.1580.3579.5079.10Resistance82.5082.9083.5584.4585.25RecommendationBased on the charts and explanations above our opinion is selling oil from 82.50 targeting 80.35 and stop loss above 83.55, might be appropriate.