advertisement
Monday January 16 , 2012 11:22 GMT
Oil Report
Midday Report: Crude Oil Futures for February Settlement
Oil rebounded after testing the critical support near 98.30 areas, in addition to the rising trend-line shown on image. The current rebound may push the commodity to retest the important breached support which turns into resistance now among 100.00-100.50 area where we expect the downside pressure to resume again.
The trading range for the week is expected among the major support at 95.50 and the major resistance at 102.40.
The short-term trend is to the downside with steady daily closing below 105.00, targeting 65.00.
| Support | 99.30 | 98.30 | 97.65 | 96.80 | 96.00 |
| Resistance | 100.10 | 100.50 | 101.00 | 101.70 | 102.40 |
| Recommendation | Based on the charts and explanations above our opinion is selling crude around 100.20 and take profit at 99.20 ,98.30 and 95.50 stop loss with daily closing above 101.75 might be appropriate. | ||||
To read the full story, ClickHere
Home | Contact Us | More News
ecPulse.com has sent you this message.
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment