Weekly Report 03 - 07 / May / 2010
Crude stabilized above breached pivotal resistance that has currently turned into support at 85.60, while crude stabilized within the ascending channel that organizes the bullish short term direction. Momentum indicators are showing negative signs that are adding volatility to the sensitive resistance level at 87.05. This will cause some fluctuation and retest of 85.60 before achieving more bullish movement for this week. The main technical targetsresideat $90.00 per barrel and require the daily closing to remain above 84.65.
The trading range for today is among the key support at 83.40 and the key resistance at 90.00.
The short term trend is expected to the upside as far as 65.60 remains intact with targets at 90.00.