Crude Oil Midday Report 09/6/2010

Crude succeeded in breaching the resistance at 72.45 and heading to the upside, according to the suggested morning scenario. From here, our expectations remain intact keeping in mind that resistance for the descending channel currently descended towards 73.55, which could push crude to move to the downside and resume trading naturally within this bearish short term channel.
The trading range for today is among the key support around 69.15 and the key resistance around 74.20.

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