Weekly Report(14-18 November 2011)
The rally continued, where oil inclined almost $25 from 75.00 bottom to near 100.00 without any noticeable downside correction . The commodity has reached the 100 mark which is a significant level that may halt further incline in the near term, pushing the commodity to retrace some of the gains this week, as stochastic is extensively overbought. However, we prefer to stay aside this morning awaiting a technical signal before the midday report.
The trading range for the week is among the major support at 101.00 and the major resistance at 95.00.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
*The provided chart based on GMT+3*
|Recommendation||Based on the charts and explanations above we recommend staying aside awaiting more confirmations.|