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Friday January 13 , 2012 11:31 GMT
Oil Report
Midday Report: Crude Oil Futures for February Settlement
The anticipated bearishness started sooner this morning, where oil failed to surpass 100.10 resistance. In general, we hold into our bearish expectations for oil within the coming period, where bullish attempts should be limited below the retest area shown on chart and below the breached bearish pattern.
The trading range for the day is expected among the major support at 96.00 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.
**GMT+2 Candlesticks**
| Support | 98.50 | 97.60 | 96.75 | 96.00 | 95.50 |
| Resistance | 100.10 | 100.55 | 101.00 | 101.75 | 102.40 |
| Recommendation | Based on the charts and explanations above our opinion is selling crude around 101.00 and take profit at 100.00 and 98.50. Stop loss with four-hour closing above 101.80 might be appropriate. | ||||
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