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Wednesday January 4 , 2012 10:40 GMT
Oil Report
Midday Report: Crude Oil Futures for February Settlement
As shown on the daily interval, crude is still trading positively around the highest levels recorded yesterday, while we recognize a bullish continuation structure, which became effective after breaching the resistance level at 101.30, noting that this resistance turned into support level now. Stochastic is positive, while RSI is stable above the 50-point level. All these factors together drive us to hold onto our morning expectations as they are.
The trading range for today is among the major support at 99.35 and the major resistance at 106.05.
The short-term trend is to the downside with steady daily closing below 105.00, targeting 65.00.
**New York Candlesticks**
| Support | 102.30 | 101.90 | 101.30 | 100.60 | 100.00 |
| Resistance | 103.35 | 103.90 | 104.80 | 105.25 | 106.05 |
| Recommendation | Based on the charts and explanations above our opinion is buying crude around 101.90 and take profit in stages at (103.35 and 105.70) and stop loss with daily closing below 100.00 might be appropriate. | ||||
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