Weekly Report 21 - 25 / June / 2010
The pair continues trading regularly within the bullish channel that will lead crude to ascend after breaching the neckline for the mentioned bullish technical pattern at 75.75. This channel supports meets SMA 50 and thus; we expect more bullish movement that targets chiefly 82.50. Keep in mind the importance of observing crude's movement when it reaches the mentioned level, where it is expected to form a reversal point for the short term trading for crude; pivotal resistance levels are supported by momentum indicators entering overbought areas.
The trading range for today is among the key support around 75.75 and the key resistance around 84.00.
The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.
Previous ReportSupport79.0078.0077.2076.6075.75Resistance80.0081.0081.7082.5083.05RecommendationBased on the charts and explanations above our opinion is buying crude around 79.00 targeting 81.00 and stop loss below 78.00, might be appropriate.