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Friday January 6 , 2012 11:40 GMT
Oil Report
Midday Report: Crude Oil Futures for February Settlement
The commodity is trading positively so far, and is stable above 100.60, which drive us to hold onto our morning expectations as they are, supported by the bullish Bat harmonic pattern in addition to the bullish technical structure with supports resuming the upside move.
The trading range for today is among the major support at 98.00 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 | 101.90 | 101.30 | 100.60 | 100.00 | 99.35 |
| Resistance | 102.30 | 103.35 | 103.90 | 104.80 | 105.25 |
| Recommendation | Based on the charts and explanations above our opinion is buying crude above 100.60 and take profit in stages at (102.30 and 103.35) and stop loss with daily closing below 99.35 might be appropriate. | ||||
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