Technical Oil (2011-03-08)

By @ibtimes on

Morning Report

Crude is trading to the downside, but the harmonic crab pattern has not been completed; although the negative pattern, although continuing forming the CD leg that will maintain the bullish trend intact. Stability is above 104.00 with a daily closing that is considered vital in maintaining expectations to the upside intraday direction, while stability is above 102.40 and is considered a failure reaching the D3 level shown above. Stochastic returned to witness oversold to insure expectations.

The trading range for today is among the key support around 100.40 and the key resistance around 108.00.

The short term trend is expected towards the upside as long as the daily closing is above 98.00 with targets at 113.35.

Previous Report

Weekly ReportSupport104.00103.70102.70102.20101.80Resistance105.40106.85107.30108.00109.75RecommendationBased on the charts and explanations above our opinion is buying crude around 104.00 targeting 108.00 and stop loss with a four hour closing below 102.70, might be appropriate.

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