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Thursday December 29 , 2011 11:02 GMT
Oil Report
Midday Report: Crude Oil Futures For February Settlement
The commodity is fluctuating within a range since morning forming a near term top around 99.80, while Stochastic is attempting a bearish crossover. The downside pressure may accelerate if 99.00 levels were taken. In general, no major changes, thus our morning expectations remain valid.
The trading range for the day may be among the major support at 96.50 and the major resistance at 103.45.
The short-term trend is to the downside with steady daily closing below 105.00, targeting 65.00.
| Support | 99.35 | 98.50 | 98.00 | 97.50 | 96.75 |
| Resistance | 99.80 | 100.20 | 100.60 | 101.50 | 102.30 |
| Recommendation | Based on the charts and explanations above our opinion is selling crude around 100.60 and take profit at 99.35 and 97.50 stop loss with daily closing above 101.50 might be appropriate. | ||||
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