Weely Report (28 Nov - 02 Dec 2011): Crude Oil Futures for January Settlement

Oil started the week higher, to testing 99.00 level this morning, the upside rebound hint that we may have seen a bottom near 95.00 areas, stochastic is attempting to crossover positively as well. However, steady trading above 100.00 shall confirm the continuation of the bullish wave for this week towards the high at 103.35. otherwise, downside pressure may resume to retest the 94.50 major support again. For now, we will wait for more confirmation to suggest the possible upcoming move.

Oil started the week higher, testing 99.00 level this morning, the upside rebound hint that we may have seen a bottom near 95.00 areas, stochastic is attempting to crossover positively as well. However, steady trading above 100.00 is needed to confirm the continuation of the bullish wave for this week towards the high at 103.35. otherwise, downside pressure may resume to retest the 94.50 major support again. For now, we will wait for more confirmation to suggest the possible upcoming move.

The trading range for the week is among the major support at 94.00 and the major resistance at 103.35.

The short-term trend is to the downside with steady weekly closing below 105.00 targeting 65.00.

Support97.3096.0095.3094.5093.00
Resistance98.7099.80100.35101.30102.80
RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmation.