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Monday, December 14, 2009 8:46:31 AM
Technical Oil Report
* Monday December 14 , 2009 06:49 GMT
Oil
Morning Report
Crude succeeded in achieving the awaited targets around 69.30, while passing this level with descending by an additional dollar; whereas the daily closing was above 69.30 – 76.4% Fibonacci correction level -. Crude is currently bullishly correcting, where we expect it to touch resistance levels for the descending channel at 70.10 that organizes currently trades, and then reverse to achieve a possible bearish intraday direction for today's trades; targeting $67.00 per barrel. Keep in mind that the expected bearish direction requires the daily closing to remain below 70.10.
The trading range for today is among the key support at 67.00 and the key resistance at 71.15.
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/2009/12/14/06-49-36/index.htm
George.
Click on "In reply to", for Authors past commentaries.
* Monday December 14 , 2009 06:49 GMT
Oil
Morning Report
Crude succeeded in achieving the awaited targets around 69.30, while passing this level with descending by an additional dollar; whereas the daily closing was above 69.30 – 76.4% Fibonacci correction level -. Crude is currently bullishly correcting, where we expect it to touch resistance levels for the descending channel at 70.10 that organizes currently trades, and then reverse to achieve a possible bearish intraday direction for today's trades; targeting $67.00 per barrel. Keep in mind that the expected bearish direction requires the daily closing to remain below 70.10.
The trading range for today is among the key support at 67.00 and the key resistance at 71.15.
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/2009/12/14/06-49-36/index.htm
George.
Click on "In reply to", for Authors past commentaries.
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