Technical Oil (2011-04-08)

By @ibtimes on

Morning Report

Crude sharply and graduallyapproaching theinitial resistance for the upside channel shown in the image above around 112.10 initially, while overbought sign are appearingon RSI but was not enough reason to weaken the bullish trend yesterday. Meanwhile, we expect trading to continue above 108.70 will maintain the forecasted bullish trend and stabilize above 109.80 and maintain this high chance.

The trading range for today is among the key support around 107.30 and the key resistance around 115.30.

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 ReportSupport110.65110.20109.80108.80108.00Resistance111.35111.95112.10112.70113.05RecommendationBased on the charts and explanations above our opinion is buying crude around 109.80 targeting 112.10 and stop loss with a four hour closing below 108.30, might be appropriate.

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