Technical Oil (2011-03-15)

By @ibtimes on

Morning Report

Crude ascended yesterday as expected in our previous reports touching 101.80, which is considered to be the first expected level towards completing the bullish B wave before returning to witness a bearish trend for the C wave; however, today we revisited 98.60 since this touch has not achieved a bottom below yesterday's bottom, where this sign could mean that we need more bullish movement to complete the bullish B wave and then reverse downwards again. Meanwhile, the B wave formation must be a three wave formation that could encourage us to expect a bullish intraday trend, according to the suggested image above.

The trading range for today is among the key support around 96.05 and the key resistance around 105.40.

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 ReportSupport99.0098.6098.0097.2596.05Resistance99.85100.40100.95101.80102.20RecommendationBased on the charts and explanations above our opinion is buying crude around 99.00 targeting 102.20 and stop loss with a four hour closing below 98.00, might be appropriate.

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