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Thursday January 19 , 2012 11:19 GMT
Oil Report
Midday Report: Crude Oil Futures for February Settlement
Black gold is pushing to the upside since morning, attempting to test the resistance area we mentioned this morning, which managed to halt yesterday's rally. Stochastic continues to be lagging price action. In general, we hold onto our morning expectations.
The trading range for the day is expected among the major support at 98.00 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 | 101.00 | 100.15 | 99.45 | 98.50 | 98.00 |
| Resistance | 101.70 | 102.40 | 103.00 | 103.50 | 104.00 |
| Recommendation | Based on the charts and explanations above our opinion is selling crude around 102.05 and take profit at 100.60,98.50 and 96.70. Stop loss with four-hour closing above 103.40 might be appropriate. | ||||
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