Technical Oil (2011-05-17)

By @ibtimes on

Morning Report

The positivity on Stochastic is accompanied by an upside rebound from areas around 96.60. We mentioned before that we require a daily closing below this level as the secondary image shows, and we can see it is still steady against the downside attempts. The general negativity mentioned in our previous reports and those seen today make us hold onto our neutrality for today until we see crude's movement around 96.60.

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 ReportSupport96.6095.0594.3093.8093.45Resistance97.7098.5099.4099.85100.40RecommendationBased on the charts and explanations above we recommend observing trading today awaiting more confirmations

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