Crude Oil Midday Report 07/6/2010

Crude surpassed the gap from this morning to retest the previously breached neckline around 71.60. Morning expectations remain intact shown in our weekly report, where a bearish trend is expected in overall; targets start aroun d 69.15 and require stability below 72.45 to prevail.

The trading range for today is among the key support around 69.15 and the key resistance around 72.45.
The short term trend is to the downside as far as 79.20 remains intact with targets around 61.60.Oil

By: Yasir Mubarak
Main Technical Analyst