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Wednesday, December 16, 2009 8:47:05 AM
Technical Oil Report
* Wednesday December 16 , 2009 06:54 GMT
Oil
Morning Report
Crude breached scattered resistance levels yesterday and hit into main pivotal resistance at 71.15, meeting with the resistance level for the minor ascending channel that organizes current trades within the "flag" pattern. This pattern alongside the main resistance, are supported by negative signs on the stochastic oscillator that make us expect a bearish intraday direction ; where targets start at 69.30 and then witnessed more descend towards $68.00 per barrel. We should pay attention to the importance of trades remaining below 71.15, since the breach of this level is due to the "inverted head & shoulders" pattern, shown in the secondary image, which is supposed to turn the short term direction and assure the failure of the expected bearish trend's scenario.
The trading range for today is among the key support at 67.00 and the key resistance at 73.65.
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/2009/12/16/06-54-28/index.htm
George.
Click on "In reply to", for Authors past commentaries.
* Wednesday December 16 , 2009 06:54 GMT
Oil
Morning Report
Crude breached scattered resistance levels yesterday and hit into main pivotal resistance at 71.15, meeting with the resistance level for the minor ascending channel that organizes current trades within the "flag" pattern. This pattern alongside the main resistance, are supported by negative signs on the stochastic oscillator that make us expect a bearish intraday direction ; where targets start at 69.30 and then witnessed more descend towards $68.00 per barrel. We should pay attention to the importance of trades remaining below 71.15, since the breach of this level is due to the "inverted head & shoulders" pattern, shown in the secondary image, which is supposed to turn the short term direction and assure the failure of the expected bearish trend's scenario.
The trading range for today is among the key support at 67.00 and the key resistance at 73.65.
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/2009/12/16/06-54-28/index.htm
George.
Click on "In reply to", for Authors past commentaries.
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