Weekly Report 19 - 23 / July / 2010
Crude was able to achieve the falling wedge pattern scenario suggested in our previous report, although it is finding a hard time in surpassing support represented by the MA 100. The stochastic is showing positive signs that make us witness some fluctuation, but in overall we can expect a bearish trend this week that will start with the breach of pivotal support 75.25 and thereby paving the way towards 74.25 then 72.75. Keep in mind that stabilizing 77.00 is vital for chances of achieving the expected bearish direction this week.
The trading range for today is among the key support around 71.40 and the key resistance around 78.25.
The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.
Previous ReportSupport75.2574.2573.5072.7572.35Resistance76.5077.0077.5578.2579.00RecommendationBased on the charts and explanations above our opinion is selling with the breach of 75.25 targeting 73.80 and stop loss above 76.30, might be appropriate.