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Tuesday January 17 , 2012 11:12 GMT
Oil Report
Midday Report: Crude Oil Futures for February Settlement
Bullishness extended this morning, where oil paused at 101.00 level. Settling above 100.20 may keep the intraday bias to the upside; however, we look for downside reversal from levels below 102.00. Stochastic has entered overbought territory. In general, we hold onto our morning expectations.
The trading range for the day 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 | 100.15 | 99.30 | 98.50 | 97.60 | 96.70 |
| Resistance | 101.00 | 101.70 | 102.40 | 103.00 | 103.40 |
| Recommendation | Based on the charts and explanations above our opinion is selling crude around 101.75 and take profit at 100.60,98.50 and 96.70. Stop loss with daily closing above 103.35 might be appropriate. | ||||
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