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Daily Reports  Wednesday February 22 , 2012 06:39 GMT
Technical Oil
Oil Report

Morning Report: Crude Oil Futures for April Settlement 

Price is gradually approaching the harmonic target 127.2% for CD leg of the butterfly bullish harmonic pattern shown on image. Momentum indicators are providing extreme overbought signals, however any trading above 105.25 for today could maintain the bullish bias. Taking into consideration that we should monitor price action around the aforementioned 127.2% level, as it could be a critical intraday and short term juncture.

The trading range for the day is expected among the support at 103.35 and the resistance at 108.85.

The short-term trend is to the downside with steady weekly closing below 105.00, targeting 65.00

*New York Candlesticks*



Support106.00105.25104.75104.40103.90
Resistance106.60107.10107.60108.85109.40
RecommendationBased on the charts and explanations above our opinion is buying crude around 106.00 and take profit at 107.60. stop loss with 4-hour closing below 105.25 might be appropriate.


 
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