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Daily Reports  Monday April 18 , 2011 07:42 GMT
Technical Oil
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Oil Report


Weekly Report (April 18-22)

 oil18

Crude moved higher negating our intraday expectations. If we assess Stochastic now, we can see the possibility of forming a negative pattern as we can see how crude retested the breached support for the minor ascending channel. Therefore, the possibility of returning to the downside is still valid but for now requires four-hour closing below 108.60 to confirm the possibility.

The trading range for this week is among the major support at 105.25 and the major resistance at 115.80..

The short term trend is to the upside with steady daily closing above 100.40 targeting 116.75.

Previous Report 



Support108.65108.00107.30106.55105.70

Resistance109.65110.20111.40112.50113.00

RecommendationBased on the charts and explanations above our opinion is selling crude around 108.20 and take profit in stages at 107.20, 106.55 and 105.25 and stop loss with daily closing above 110.20 might be appropriate this week


 
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