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Friday January 20 , 2012 11:25 GMT

Technical Oil Report

Oil Report

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Midday Report: Crude Oil Futures for February Settlement

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<p style="text-align: center;"><span style="font-size: small;"><strong>Midday Report: Crude Oil Futures for February Settlement</strong></span></p>

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<p style="text-align: justify; text-justify: inter-ideograph; background: white;"><span style="font-size: small;">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 <strong>hold onto our morning expectations</strong>.</span></p>

<p style="text-align: justify; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white;"><span style="background-color: white;"><span style="font-size: small;">The trading range for the day is expected among the major support at 98.00 and the major resistance at 102.40.</span></span></p>

<p style="text-align: justify;"><span style="font-size: small;">The short-term trend is to the downside with steady daily closing below 105.00, targeting 65.00.</span></p>

<p style="text-align: center;"><span style="font-size: small;"><strong><a href="http://ecpulse.com/en/dailyreports/technicaloil/2012/01/19/06-39-17/index.htm" target="_blank">Morning Report</a></strong></span></p>

<p style="text-align: center;"><a href="http://ecpulse.com/en/dailyreports/technicaloil/2012/01/16/06-24-34/index.htm" target="_blank"><span style="font-size: small;"><strong>Weekly Report</strong></span></a></p>

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</divMorning Report: Crude Oil Futures for February Settlement

Another short term bearish pattern (possible head and shoulders) is seen on the provided four-hour chart; however there are two possible neckline levels for the formation, the first is the ascending line, while the second is the horizontal support near 99.40. The commodity tested this important intraday support at 99.40 in the recent hours, and now we may see an upside attempt towards the ascending breached support which turns into resistance now around 100.30-100.50 areas. A breach below 99.40 may trigger further selloff initially to 98.50-98.00 Accordingly, we continue to anticipate downside pressure within the upcoming period and over intraday basis.

The trading range for the day is expected among the major support at 98.00 and the major resistance at 101.50.

The short-term trend is to the downside with steady daily closing below 105.00, targeting 65.00.

Morning Report

Weekly Report

Support	99.40	98.50	98.00	97.60	97.00
Resistance	100.30	100.80	101.60	102.05	102.50
Recommendation	Based on the charts and explanations above our opinion is selling crude around 100.50 and take profit at 99.50 and 98.50. Stop loss with four-hour closing above 101.00 might be appropriate.

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