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Monday, January 30, 2012 11:15:53 AM
Technical Weekly Oil Report
* Monday January 30, 2012
Oil Report
Weekly Report(30 Jan-03 Feb): Crude Oil Futures for March Settlement
> See Charts
Looking at the daily chart, oil settles above point C and the 88.6% Fibonacci correction for the CD leg of the harmonic butterfly pattern. Steady trading among those levels hints a sideways range especially that momentum indicators are biased to the downside, but the exponential moving averages remain positive. Accordingly, we will stay aside this week awaiting a breach of the range among 100.60 and 97.70, we advise you to follow our upcoming reports for more intraday analysis.
The trading range for the week is expected among the major support at 94.75 and the major resistance at 104.60.
The short-term trend is to the downside with steady daily closing below 105.00, targeting 65.00.
http://ecpulse.com/en/dailyreports/technicaloil/2012/01/30/07-30-47/index.htm
George.
Click on "In reply to", for Authors past commentaries.
* Monday January 30, 2012
Oil Report
Weekly Report(30 Jan-03 Feb): Crude Oil Futures for March Settlement
> See Charts
Looking at the daily chart, oil settles above point C and the 88.6% Fibonacci correction for the CD leg of the harmonic butterfly pattern. Steady trading among those levels hints a sideways range especially that momentum indicators are biased to the downside, but the exponential moving averages remain positive. Accordingly, we will stay aside this week awaiting a breach of the range among 100.60 and 97.70, we advise you to follow our upcoming reports for more intraday analysis.
The trading range for the week is expected among the major support at 94.75 and the major resistance at 104.60.
The short-term trend is to the downside with steady daily closing below 105.00, targeting 65.00.
http://ecpulse.com/en/dailyreports/technicaloil/2012/01/30/07-30-47/index.htm
George.
Click on "In reply to", for Authors past commentaries.
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