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Publish Date29/11/2012 12:07:33 PM

Last Update29/11/2012 01:16:39 PM


Midday Report

oil

Oil is stable below 86.10, whereas the Stochastic gradually enters overbought areas, maintaining our expectation of an intraday bearish movement for today. The expected targets begin at 84.50 then 83.50. The Simple Moving Average (SMA) 50 supports our forecasts for a downside movement.

The trading range expected for today is between the key support at 82.00 and the key resistance at 86.10.
The short-term trend is to the upside targeting 104.65 then 110.55 as far as week`s session closes above 78.00.

Oil rose to retest the Rising Wedge support that was earlier breached, which now almost resides with 87.70 level, accompanied by Stochastic entering overbought areas; this indicates a possible downside reversal. So far, our neutral position stands intanct until oil breaks one of the levels mentioned in detail in our morning report.

The trading range expected this week is between the key support at 84.00 and the key resistance at 90.00.

The short-term trend is to the upside targeting 104.65 then 110.55 as far as week`s session closes above 78.00.

Previous Report

Weekly Report

Support86.9086.2585.6585.0084.50
Resistance87.7088.1089.0089.6590.20
RecommendationBased on the chart and explanation above, our opinion is to remain neutral awaiting signs confirming certain direction.


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