Technical Oil (2012-03-01)

By @ibtimes on

Morning Report

We saw a slight upside move yesterday that was not sufficient to confirm the move. Crude is still stable below 107.60 and at the same time stable above the MA 50 over daily basis. Therefore, we prefer staying aside today awaiting confirmations for the coming move.

The trading range for the day is among the major support at 103.90 and the major resistance at 109.80.

The short-term trend is to the upside with steady daily closing above 99.60, targeting 116.50.

**New York Candlesticks**

Previous Report

Weekly ReportSupport106.45106.00105.25104.75104.40Resistance107.60108.00108.40108.45109.40RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmations.

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