Weekly Report 10 - 14 / May / 2010

Crude touched support for the key ascending channel once again, where it seems to be holding its stance in front of the pair's ascend due to support from bullish signs appearing through momentum indicators. These factors encourage us to expect a bullish trend for this week; targeting first 80.45. The current bullish short term trend requires support levels between 74.40 and 73.65 to stabilize.

The trading range for today is among the key support at 74.40 and the key resistance at 81.75.

The short term trend is expected to the upside as far as 65.60 remains intact with targets at 90.00.

Previous ReportSupport76.7076.3075.7575.1574.40Resistance77.7578.3579.0079.4080.00RecommendationBased on the charts and explanations above our opinion is buying oil from 76.30 targeting 78.35 and stop loss below 75.15, might be appropriate.