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Tuesday January 3 , 2012 10:49 GMT
Oil Report
Midday Report: Crude Oil Furutres for February Settlement
Consolidation above the top of (C) point of the bullish Butterfly harmonic pattern suggests that crude could provide more attempts to breach the level of 101.30. A breach of this level and stability above it indicates that the upside move could extend further. In general, our morning expectations remain as they are due to the mentioned Stability above 100.60, which is the top of (C) point.
The trading range for today is among the major support at 97.65 and the major resistance at 103.90.
The short-term trend is to the downside with steady daily closing below 105.00, targeting 65.00.
**New York Candlesticks**
| Support | 100.60 | 100.00 | 99.35 | 98.50 | 98.00 |
| Resistance | 101.30 | 102.30 | 102.70 | 103.45 | 103.90 |
| Recommendation | Our morning expectations remain valid | ||||
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