The trading range for today is among the key support around 74.50 and the key resistance around 79.50.
Crude Oil Midday Report 17/ June /2010
Crude managed to build a base on 76.75 and rushing to stabilize above 77.25 with four-hour closing confirming the continuation for the bullish move. Our morning expectations remain intact with the ascending support for the bullish channel towards 76.45, as we await targets around $78.00 then 79.00 per barrel.
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The short term trend is to the downside as far as 79.20 remains intact with targets around 61.60.
By: Yasir Mubarak
Senior Technical Analyst
yasir.mubarak@ecpulse.com
www.ecpulse.com