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Thursday January 5 , 2012 11:55 GMT
Oil Report
Midday Report: Crude Oil Futures for February Settlement
The decline seen is only a correction, where crude is still trading above the resistance of the bullish continuation technical structure shown above. Our morning expectations remain as they are supported by the stability above 100.60 in addition to the positivity seen on Stochastic.
The trading range for today is among the major support at 100.60 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 above 102.30 and take profit in stages at (103.35 and 105.70) and stop loss with daily closing below 100.60 might be appropriate. | ||||
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