Technical Oil (2011-03-17)

By @ibtimes on

Morning Report

Crude touched suggested reversal level 98.00 mentioned in our previous report, in addition to 96.60 highlighted in our morning report yesterday, where it was able to rebound without touching or closing below 96.05 that we think is a vital break between bullish corrections and continuing within the overall bearish direction. It is vital that stability is above 96.05 providing chances of a B bullish wave that follows the bearish A wave; hence, we expect a bullish intraday trend to dominate trading as long as a four hour closing is below 96.05 in order to complete the suggested Elliott scenario.

The trading range for today is among the key support around 93.05 and the key resistance around 100.40.

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 ReportSupport98.2097.8096.7096.0595.70Resistance99.0099.85100.40100.95101.80RecommendationBased on the charts and explanations above our opinion is buying crude around 98.30 targeting 102.20 and stop loss with a four hour closing below 96.05, might be appropriate.

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