Crude Oil Midday Report 02/6/2010

Crude continues trading close to the awaited pivotal support at 71.65 shown in our morning report, where currently trading is wedged between the mentioned support and 38.2% Fibonacci correction that has presently turned into resistance at 72.45. ong>Our morning expectations remain intact and will be activated if a clear breach of 71.65 is achieved to pave the way towards achieving the awaited technical targets that may reach 70.45 then 69.15.

The trading range for today is among the key support at 69.15 and the key resistance at 74.20.
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