Technical Oil (2011-05-13)

By @ibtimes on

Morning Report

Crude declined steeply yesterday and returned to stabilize slightly above 96.60. Stochastic is biased to the downside and accordingly we believe crude will attempt to move to the downside once again today. The daily closing below 96.60 will be able to send crude south again to test 91.00 at least.

The trading range for today is among the major support at 92.00 and the major resistance at 102.20.

The short term trend is to the downside with steady daily closing below 109.75 targeting 85.40.

Previous Report

Weekly ReportSupport98.0097.7096.6095.0594.30Resistance99.4099.85100.40101.05101.80RecommendationBased on the charts and explanations above our opinion is selling crude around 98.80 and take profit in stages at 95.05 and 92.00 and stop loss with daily closing above 100.40 might be appropriate today

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