Technical Oil (2011-03-04)

By @ibtimes on

Morning Report

According to our previous report, some downtrends have been noted to touch levels around 100.95 - 100.40 and is considered to be a target that is enough for a bearish bat pattern. Hence, pointing to the possibility of returning within the bullish trend that will test levels between 104.75 and 105.35. The breach of the last level will insure that the crab pattern could cause a retest of 108.00 initially, although crude could not rid of 102.40 that may need to breach it to insure the breach of continuing the bullish direction. In overall, we maintain our positive expectations since crude is trading above key support combined with the MA 20 around 100.40.

The trading range for today is among the key support around 96.30 and the key resistance around 105.35.

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 ReportSupport101.80100.95100.4099.8599.40Resistance102.40103.35103.80104.75105.35RecommendationBased on the charts and explanations above our opinion is buying crude above 100.95 targeting 104.65 and stop loss with a four hour loss closing below 99.40, might be appropriate.

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