Weekly Report 12 - 16 / July / 2010
Crude's trading is wedged below support for the previously breached bullish channel that has currently turned into resistance at 76.65 above pivotal support 75.75, with ongoing oversold signs appearing through momentum indicators. The daily closing continues below breached support mentioned above adding more assurances on the breach that has previously been achieved. Therefore, we can expect a bearish trend in overall this week, where the main target that starts at 73.15 then 71.10. Keep in mind that this expected bearish trend requires the daily closing below 76.65.
The trading range for today is among the key support around 71.10 and the key resistance around 77.40.
The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.
Previous ReportSupport75.7575.1574.4073.5072.90Resistance76.6577.4077.7078.2579.00RecommendationBased on the charts and explanations above our opinion is selling crude around 76.65 targeting 74.40 and stop loss above 77.40, might be appropriate.