Crude Oil Midday Report 01/06/2010

Crude is flawlessly heading to the suggested morning scenario but with a 10 point difference from the awaited key target at 71.55. Crude is currently bullishly correcting for the sharp bearish wave that had occurred this morning, but in overall we expect the bearish intraday that targets 70.45 next. It is vital that stability is achieved below 73.10 to maintain chances of achieving expectations.

The trading range for today is among the key support at 70.45 and the key resistance at 74.00.
The short term trend is to the downside as far as 79.20 remains intact with targets at 61.60.

By: Yasir Mubarak
Main Technical Analyst