Weekly Report 28 / February / 2011

A bullish trend opened today trading with volatile fluctuation, which was noted in the past period, following political tensions in the Middle East and North Africa. Technically, the butterfly pattern did not currently fail, where a closing above 99.85 was not witnessed; thus, making us expect a bearish trend to retest 93.05 initially. Momentum indicators prove these technical expectations, despite of the clear signs. We recommend remaining cautious since stability in levels above $100.00 the psychological barrier could push us towards levels reaching 104.65.

The trading range for this week is among the key support around 93.05 and the key resistance around 104.65.

The short term trend is expected towards the upside as long as trading is above 84.00 with targets at 104.65.

Previous Report

Support98.0097.2596.3095.7094.80
Resistance100.00101.50102.20103.70104.65
RecommendationBased on the charts and explanations above our opinion is selling crude (only for high risk taking) around 99.85 targeting 93.05 and stop loss above 101.50, might be appropriate.