Crude Oil Midday Report 04/6/2010

Crude rushed to the upside and neared touching the focal resistance over short and intraday basis at 75.75, and returning once again to near the retest level shown this morning at 73.85. The suggested morning scenario remains intact rong>, supported by the 100 MA in addition to the cluster support area at 73.85.

The trading range for today is among the key support at 72.45 and the key resistance at 76.20.
The short term trend is to the downside as far as 79.20 remains intact with targets at 61.60.Oil

By: Yasir Mubarak
Main Technical Analyst