Technical Oil (2011-02-15)

By @ibtimes on

Morning Report

Crude declined and was close to resuming our previous report's target around the first awaited target for the long awaited harmonic butterfly pattern, while presently we note that major oversold signs are appearing through stochastic and inching closer to the first awaited butterfly pattern represented in 38.2% correction for the CD leg following the harmonic pattern around 84.30 and thereby making us neutral today. This is due to the breach of this level and cause more quick bearish movement, where this rebound from this level is due to the oversold signs that are the cause of the ascend that will lead us towards levels around 87.30 once again; hence, we remain neutral today until signs of insuring the upcoming direction appear.

The trading range for today is among the key support around 82.75 and the key resistance around 88.60.

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

Previous Report

Weekly ReportSupport85.0084.7084.3083.6582.75Resistance85.6086.1586.7587.3087.75RecommendationBased on the charts and explanation above our opinion is remaining neutral today until we receive signs that insure its upcoming direction.

Join the Discussion