Technical Oil Morning Report (2009-09-04)

 @ibtimes
on September 04 2009 3:00 AM

Morning Report

Crude oil returned to decline and trade around critical support levels for the ascending channel, where we expect the price to decline and form a possible neckline for the bullish technical pattern at 69.35, where we can expect an upside trendfor today; breaching the neckline level mentioned, and directly targeting71.20.Momentum indicators gained positive momentum, after declining yesterday evening; supporting our expectations of an awaited upside for today.

The trading range for today is among the key support at 65.00 and the key resistance at 73.15.

The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.

Support67.9067.3066.5065.2564.65Resistance69.3570.1571.5072.6073.25RecommendationBased on the charts and explanations above our opinion is buying oil from 69.35 To 71.20 and stop loss below 68.35, might be appropriate.

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