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Thursday, December 03, 2009 9:54:11 AM
Technical Oil Report
* Thursday December 3 , 2009 06:58 GMT
Oil
Morning Report
The bearish technical pattern dominated throughout yesterday's midday report on crude's trading; thus, forcing it to descend within the minor descending channel, representing the "flag" pattern that targets the breach of its minor resistance levels at 77.65, to pave the way to achieve a return to resume the expected bullish short term direction; main targets exist around 79.60. The stochastic supports bullish expectations with a resistance impediment – 200 MA – at 77.00. It is vital that 75.60 remain intact so that, the bullish short term direction may prevail.
The trading range for today is among the key support at 74.50 and the key resistance at 79.60.
The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.
http://ecpulse.com/en/dailyreports/technicaloil/2009/12/03/06-58-13/index.htm
George.
Click on "In reply to", for Authors past commentaries.
* Thursday December 3 , 2009 06:58 GMT
Oil
Morning Report
The bearish technical pattern dominated throughout yesterday's midday report on crude's trading; thus, forcing it to descend within the minor descending channel, representing the "flag" pattern that targets the breach of its minor resistance levels at 77.65, to pave the way to achieve a return to resume the expected bullish short term direction; main targets exist around 79.60. The stochastic supports bullish expectations with a resistance impediment – 200 MA – at 77.00. It is vital that 75.60 remain intact so that, the bullish short term direction may prevail.
The trading range for today is among the key support at 74.50 and the key resistance at 79.60.
The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.
http://ecpulse.com/en/dailyreports/technicaloil/2009/12/03/06-58-13/index.htm
George.
Click on "In reply to", for Authors past commentaries.
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