Technical Oil Report

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Thursday December 15 , 2011 10:55 GMT

Technical Oil Report

Oil Report

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Midday Report: Crude Oil Futures for January Settlement

95.00 area managed to halt further decline as oil rebounded to retest the breached 200-days SMA again. In general, bearishness is expected to resume, but breaching the moving average and 96.00 may accelerate and extend the pullback towards 97.00-97.50 again. 

The trading range for the day may be among the major support at 90.00  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**

Morning Report

Weekly Report

Support	95.0	94.25	93.20	92.80	92.00
Resistance	96.00	96.60	97.40	98.00	98.80
Recommendation	Based on the charts and explanations above we recommend selling oil around 97.00 targeting 96.00 and 94.20 , stop loss with four-hour closing above 97.70

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