Technical Oil (2011-03-01)

By @ibtimes on

Morning Report

The daily closing was below 98.00, providing chances of a harmonic butterfly pattern volatile enough to push crude to the downside once again. Stochastic and RSI are in a negative position and insure the harmonic negative effects. Meanwhile, note that a daily closing above 99.85 could cause expectations to fail. In conclusion, we expect a bearish intraday direction as long as we witness stability below point D shown in the image above.

The trading range for today 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 the daily closing is above 84.00 with targets at 104.65.

Previous Report

Weekly ReportSupport97.2596.3095.7094.8094.15Resistance98.0098.6099.2099.85101.80RecommendationBased on the charts and explanations above our opinion is selling crude around 98.00 targeting 93.05 and stop loss with a daily closing above 100.25, might be appropriate.

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