Technical Oil (2011-01-12)

By @ibtimes on

Morning Report

Crude moved to the upside to insure breaching 89.85, where crude today is witnessed nearing once again possible reversal levels for the harmonic pattern that has taken the form of a bearish butterfly pattern. Henceforth, crude has currently started to findgood levels that in order to start a new bearish wave. Note that these expectations are valid as far as trading remains blow 92.60 within the daily closing.

The trading range for today is among the key support around 88.20 and the key resistance around 93.10.

The short term trend is expected towards the upside as long as trading is above 84.00 with targets at 99.00.

Previous Report

Weekly ReportSupport90.8090.5090.0089.8589.05Resistance91.8592.1092.6092.8093.10RecommendationBased on the charts and explanations above our opinion is selling crude around 91.85 targeting 88.20 and stop loss above 92.60, might be appropriate.

Join the Discussion