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Thursday January 5 , 2012 06:22 GMT
Oil Report
Morning Report:Crude Oil Futures for February Settlement
Crude inclines gradually, which confirms the continuous effect of the bullish Butterfly harmonic pattern, where consolidation above the top of (C) point drives us to expect that the commodity is heading towards 127.2% Fibonacci of the CD leg, and in result, this support our positive expectations. Stability above 100.60 is necessary for our positive outlook to remain valid, while consolidation above 102.30 is required to confirm our scenario over intraday basis.
The trading range for today is among the major support at 100.60 and the major resistance at 106.05.
The short-term trend is to the downside with steady daily closing below 105.00, targeting 65.00.
**New York Candlesticks**
| Support | 102.30 | 101.90 | 101.30 | 100.60 | 100.00 |
| Resistance | 103.35 | 103.90 | 104.80 | 105.25 | 106.05 |
| Recommendation | Based on the charts and explanations above our opinion is buying crude above 102.30 and take profit in stages at (103.35 and 105.70) and stop loss with daily closing below 100.60 might be appropriate. | ||||
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