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Monday December 5 , 2011 05:56 GMT
Oil Report
Weekly Report (05-09 Dec 2011): Crude Oil Futures for January Settlement
Oil successfully breached 100.30 level and rallied to print a high at 101.60 yesterday before retracing again to retest 100.30. Currently and after the correction, the commodity is attempting again to continue th bullish wave after completing a normal correction, therefore we expect the bullish attempts to extend further today, while steady trading above 100.30 is neccesary to maintain the upside bias.
The trading range fo the day may be among the major support at 95.50 and the major resistance at 102.00.
The short-term trend is to the downside with steady weekly closing below 105.00 targeting 65.00.
Oil starts the week higher, testing the highs around 101.50 area, the rounding formation is still in progress while a rising wedge formation may be a part of the formation, suggesting a breakout to the downside is more likely. RSI may be in the process of providing a bearish divergence as well, as the indicator is lagging price action. In general, we expect a downside move this week, and we prefer 103.35 to remain intact for our expectations to remain valid.
The trading range for the week may be among the major support at 94.00 and the major resistance at 105.00
The short-term trend is to the downside with steady weekly closing below 105.00 targeting 65.00.
**GMT+2 Candlesticks**
| Support | 101.15 | 100.70 | 100.30 | 99.55 | 98.90 |
| Resistance | 101.70 | 102.30 | 102.85 | 103.35 | 104.00 |
| Recommendation | Based on the charts and explanations above we recommend selling oil with four-hour closing below 100.00 targeting 98.90 and 95.60, stop loss hourly closing above 100.80. OR buying oil with four-hour closing above 101.55 targeting 103.35 , stop loss with hourly closing below 100.80 | ||||
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