Crude Oil Midday Report 08/6/2010

Crude succeeded in breaching the pivotal support mentioned this morning at 71.10, while the last four hour candlestick closing was below it; therefore, the bearish technical pattern was activated. This makes us maintain our morning expe ctations as we await targets set this morning that require stability below 72.45.
The trading range for today is among the key support around 69.15 and the key resistance around 73.55.

The short term trend is to the downside as far as 79.20 remains intact with targets around 61.60.

By: Yasir Mubarak
Main Technical Analyst