Technical Oil (2011-05-18)

By @ibtimes on

Morning Report for Crude Oil Futures for July Settlement

Crude was unable to set a daily closing below 38.2% correction of the entire IM at 96.60. This move pushed crude to test the resistance between 100.40 - 103.60 which is still not confirmed, as breaching the mentioned correction will support the resumption of the downside move and accordingly we remain neutral today as well.

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 ReportSupport97.7096.6095.0594.3093.80Resistance98.5099.4099.85100.40101.05RecommendationBased on the charts and explanations above we recommend observing trading today awaiting more confirmations

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