Technical Oil (2010-12-23)

By @ibtimes on

Morning Report

If the daily closing is above 90.50 it may cause our weekly expectations to fail and therefore we maintain our neutral stance today to insure the breach and failure of it, alongside returning to build a base below 90.50. If trading stabilizes above 90.50 it may cause more bullish movement to reach levels around 91.35 at least, while returning to trade with stability and closing below 90.50 will help us relook at the previous negativity.

The trading range for today is among the key support around 88.20 and the key resistance around 92.80.

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

Previous Report

Weekly ReportSupport90.5090.0089.7589.0588.75Resistance91.0091.3591.8592.1092.80RecommendationBased on the charts and explanation above our opinion is remaining neutral until the pair insures its upcoming direction.

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