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Technical Oil

Oil

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Publish Date28/12/2012 11:16:25 AM

Last Update


U.S. Session

Oil backs-off slightly after testing the ceiling of the ascending channel, just below the long term 200-days SMA, thus, we will try to benefit for a potential pullback affected by the aforementioned key technical barriers, supported by the overbought RSI, accordingly, we expect for a downside pullback for the rest of the day.

The trading range for today is expected among the key support at 89.20 and the key resistance at 93.00.

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

Support90.5090.3089.8089.2088.20
Resistance91.5091.8592.5093.0093.65
RecommendationBased on the charts and explanations above, we recommend selling oil below 91.50 targeting 90.50,90.00 and 89.20. Stop loss above 92.30


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