Technical Oil Report |
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Date: Wednesday, February 22, 2012 |
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Last Update: 11:58:58 GMT |
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Midday Report: Crude Oil Futures for April Settlement
The commodity declined slightly, but still above 105.25 support, and that proves the persistent effect of the bullish butterfly pattern, we may need trading to settle back above 106.00 to support the bullish momentum again over intraday basis, especially that momentum indicators are within overbought areas. Accordingly, we hold onto our morning expectations unchanged.
The trading range for the day is expected among the support at 103.35 and the resistance at 108.85.
The short-term trend is to the downside with steady weekly closing below 105.00, targeting 65.00
*New York Candlesticks*
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Support |
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105.25 |
104.75 |
104.40 |
103.90 |
103.35 |
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Resistance |
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106.00 |
106.60 |
107.10 |
107.60 |
108.85 |
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Recommendation |
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Our morning expectations remain valid. |
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