Technical Oil Report

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Monday March 12 , 2012 11:49 GMT

Technical Oil Report

Oil Report

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Midday Report

Crude is still trading negatively, while RSI settled by the 50-points level. This reversal from the main resistance of our previous discussed technical structure could turn into a bearish technical pattern in case the commodity breached the level of 104.80 later. Therefore, our weekly expectations remain as they are, noting that consolidation below 108.15 is necessary for our expectations to prevail.

The trading range for this week is among the major support at 101.10 and the major resistance at 110.10.

The short-terd trend is to the upside with steady daily closing above 99.60, targeting 116.50.

**New York Candlesticks**

Weekly Report

Support	106.00	105.25	104.80	103.70	103.35
Resistance	107.10	107.60	108.15	108.85	109.40
Recommendation	Our weekly expectations remain valid

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