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Wednesday, November 11, 2009 9:23:27 AM
Technical Oil Report
* Wednesday November 11 , 2009 07:02 GMT
Oil
Morning Report
Crude continued trading around the 50 moving average within the bearish channel, which maintains organizing crude's movement. We see a harmonic bullish technical pattern scenario, but for it to be completed it must reach 76.80 and then rebound to the upside in an attempt to target levels above $79.00 per barrel. From here we expect a bearish intraday direction for today that requires the breach of 78.00 and then for it to rebound, seen in the image above. It is essential that the four hours close below 78.90 for the expectations to play out.
The trading range for today is among the key support at 75.60 and the key resistance at 84.05.
The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.
http://www.ecpulse.com/en/dailyreports/technicaloil/2009/11/11/07-02-05/index.htm
George.
Click on "In reply to", for Authors past commentaries.
* Wednesday November 11 , 2009 07:02 GMT
Oil
Morning Report
Crude continued trading around the 50 moving average within the bearish channel, which maintains organizing crude's movement. We see a harmonic bullish technical pattern scenario, but for it to be completed it must reach 76.80 and then rebound to the upside in an attempt to target levels above $79.00 per barrel. From here we expect a bearish intraday direction for today that requires the breach of 78.00 and then for it to rebound, seen in the image above. It is essential that the four hours close below 78.90 for the expectations to play out.
The trading range for today is among the key support at 75.60 and the key resistance at 84.05.
The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.
http://www.ecpulse.com/en/dailyreports/technicaloil/2009/11/11/07-02-05/index.htm
George.
Click on "In reply to", for Authors past commentaries.
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