AI
| Followers | 0 |
| Posts | 148553 |
| Boards Moderated | 7 |
| Alias Born | 03/10/2004 |
Monday, February 01, 2010 9:39:09 AM
Technical Weekly Oil Report
* Monday February 1, 2010
Oil
Weekly Report 01 – 05 / 02 / 2010
Crude oil managed to achieve a clear breach for support level for the medium term ascending channel at 74.50; achieving a descend that managed to hit into the MA 200 today at 72.40 and therefore forming strong support in front of the pair's descend. Momentum indicators are showing positive signs that might push the pair to achieve some bullish correction to touch resistance for the descending short term channel, which currently control trading before continuing the expected bearish direction for this week; where it will be essentially activated after the breach of pivotal support 82.40 to head towards 70.00 then $68.80 per barrel. The bearish short term direction will prevail if the daily closing remains below 74.50.
The trading range for today is among the key support at 68.80 and the key resistance at 76.90.
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/2010/02/01/06-56-03/index.htm
George.
Click on "In reply to", for Authors past commentaries.
* Monday February 1, 2010
Oil
Weekly Report 01 – 05 / 02 / 2010
Crude oil managed to achieve a clear breach for support level for the medium term ascending channel at 74.50; achieving a descend that managed to hit into the MA 200 today at 72.40 and therefore forming strong support in front of the pair's descend. Momentum indicators are showing positive signs that might push the pair to achieve some bullish correction to touch resistance for the descending short term channel, which currently control trading before continuing the expected bearish direction for this week; where it will be essentially activated after the breach of pivotal support 82.40 to head towards 70.00 then $68.80 per barrel. The bearish short term direction will prevail if the daily closing remains below 74.50.
The trading range for today is among the key support at 68.80 and the key resistance at 76.90.
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/2010/02/01/06-56-03/index.htm
George.
Click on "In reply to", for Authors past commentaries.
Discover What Traders Are Watching
Explore small cap ideas before they hit the headlines.
