Weekly Report 13 / December / 2010

There are no clear daily closings above 89.05, where crude has not yet achieved any stability above 90.50 that the sideway short term trend depends on. The wave pattern is still proving its validity, specifically since trading has stabilized below 91.35 and is preferred below 90.50. The expected bearish trend is expected for this week in order to complete forming the bearish C wave for the flat wave pattern, within the suggested Elliott scenario.

The trading range for today is among the key support around 84.60 and the key resistance around 92.60.

The short term trend is expected sideways as long as trading is between 90.50 and 70.00 with weekly closings.

Previous Report

Support87.7587.2086.8086.1585.65
Resistance88.7589.0589.6090.0090.50
RecommendationBased on the charts and explanations above our opinion is selling crude around 89.05 targeting 84.60 and stop loss above 90.50, might be appropriate.