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Friday January 20 , 2012 07:30 GMT

Technical Oil Report

Oil Report

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Morning 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

Again the commodity retreats after testing 102.05 yesterday, printing a low near 100.00 level yesterday, thus acquiring our first target once more. In general, that level proved strength, and the possible head and shoulder pattern continues to be in play, Stochastic is providing bearish divergence as well, accordingly we expect further downside pressure, but breaching 102.00 may negate the bearish bias over intraday basis. Now, we look for a sustained breach below 100.00 to anticipate testing initially 98.50.

 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.

Previous Report

Weekly Report

Support	100.00	99.50	98.50	97.65	97.00
Resistance	100.80	101.60	102.05	102.90	103.40
Recommendation	Based on the charts and explanations above our opinion is selling crude around 101.60 and take profit at 100.30 and 98.50. Stop loss with four-hour closing above 102.05 might be appropriate.

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