Weekly Report 21 - 25 / March / 2011

The price gap kicked off weekly trading, while nearing 104.35 that represent chances of a harmonic reversal. The hourly closing is above D1 and could cause a bullish push towards 105.20 and towards 106.30, where at once of these levels the harmonic crab pattern has formed flawlessly; although returned to trade below 102.75 after failing to breach 104.35 that weaken these chances, where the breach of 101.40 with an hourly closing below it could insure that we are in front of the butterfly pattern despite of its flaws. Hence, we remain neutral in our weekly report, signaling the importance of following up on upcoming reports in order to insure our expected upcoming direction.

The trading range for this week is among the key support around 93.50 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

RecommendationBased on the charts and explanations above our opinion is remaining neutral until signs that insure the upcoming direction appear, might be appropriate.