Edition:  English |   عربي 
Edition:  English |   عربي 
Edition:  English |   عربي 
Edition:  English |   عربي 
Daily Reports  Friday April 29 , 2011 06:26 GMT
Technical Oil
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Oil Report

Morning Report


Trading is around 112.45, and the harmonic formation is still valid, trading above 111.00 keeps this possibility valid towards 115.55 and we might see the CD leg extension towards 118.45. Therefore, we see that the upside move remains intact.

The trading range for today is among the major support at 109.75 and the major resistance at 115.70.

The short term trend is to the upside with steady daily closing above 105.75 targeting 118.45.

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RecommendationBased on the charts and explanations above our opinion is buying crude around 112.20 and take profit in stages at 114.50, and 115.55 and stop loss with four-hour closing below 111.00 might be appropriate

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