Technical Oil (2010-07-26)

By @ibtimes on

Weekly Report 26 - 30 / July / 2010

Crude was not able to surpass pivotal resistance that is represented in support for the previously breached bullish channel, trading is stuck below this resistance currently at 79.50, above the retest level for the bullish pattern shown in our previous reports at 78.50. Momentum indicators currently stand neutral, which therefore makes us recommend following up on upcoming reports as we await for more assuring signs for the upcoming direction, where the breach of 79.50 paves the way towards returning within the previous bullish direction in a strong manner; whereas building a base below 78.50 holds the keys to pushing crude to the downside initially towards 77.25.

The trading range for today is among the key support around 76.15 and the key resistance around 81.70.

The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.

Previous ReportSupport78.5077.9577.2576.7076.15Resistance79.5080.1580.9081.7082.50RecommendationBased on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.

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