Crude Oil Morning Report 10/ June /2010

Crude respected the suggested scenario yesterday; acquiring targeting with the breach of the resistance for the downside channel, affected by the bullish pattern explained yesterday, which still has upside targets to be reached. 
Signs of a bullish pattern are seen alongside yesterday’s mentioned pattern, which might extend the bullishness over intraday and short term basis, especially with the breach of the sensitive resistance over short term basis at 75.75.

Accordingly, we expect further intraday bullishness initially targeting 75.75 where we should observe the movement as mentioned above. Note that breaching 73.15 takes crude again into the downside wave.

The trading range for today is among the major support at 72.45 and the major resistance at 76.70.
The general trend is to the downside as far as 79.20 is intact with targets at 61.60.

By: Yasir Mubarak
Main Technical Analyst