Weekly Report 02-06/January/2012 for Crude Oil
As shown above on the daily interval, we recognize a bullish Butterfly harmonic structure which already achieved several targets. Currently, oil is stable above 88.6% Fibonacci correction of the pattern at 97.65 and also above the exponential moving averages 20 and 50. But, the commodity is stable below the critical resistance levels at 100.60 and 101.30. The upside move depends on breaching the resistance level at 101.30, while the return of the downside movement requires stability below 97.65. Therefore, we remain neutral, awaiting more confirmations.
The trading range for this week is among the major support at 91.30 and the major resistance at 103.35.
The short-term trend is to the downside with steady daily closing below 105.00, targeting 65.00.
**New York Candlesticks**
| Support | 98.00 | 97.65 | 96.75 | 95.00 | 94.20 |
| Resistance | 99.80 | 100.20 | 100.60 | 101.30 | 102.30 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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