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Friday December 9 , 2011 11:10 GMT
Oil Report
Midday Report: Crude Oil Futures for January Settlement
The commodity found support near 97.50 area to rebound to the upside, we consider the current rebound a mere retest of the breached support area which should turn into resistance among 99.00-99.60; therefore, our morning expectations remain valid for the rest of the day.
The trading range for the day may be among the major support at 95.00 and the major resistance at 100.00.
The short-term trend is to the downside with steady weekly closing below 105.00 targeting 65.00.
**GMT+2 Candlesticks**
| Support | 97.20 | 96.20 | 95.50 | 95.00 | 94.00 |
| Resistance | 98.60 | 99.00 | 99.60 | 100.30 | 101.00 |
| Recommendation | Based on the charts and explanations above we recommend selling oil around 99.00 targeting 98.00 and 96.00 stop loss four-hour closing above 99.65 | ||||
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