Crude Oil Morning Report 15/ June /2010

Crude continues trading within the bullish intraday channel shown above, after it has halted crude’s pivotal neckline 75.75 from attempting to breach it and achieve more upside movement since yesterday. 
The stochastic is showing positive crossover signs that are accompanying pivotal support at 74.40, alongside stability above SMA 100. These factors encourage us to expect the bullish intraday trend to resume; starting with the breach of 75.75 and building a base above it to pave the way towards $77.00 per barrel as the first awaited target for today. The breach of 74.40 will postpone achieving the suggested ascending scenario.
The trading range for today is among the key support around 73.25 and the key resistance around 78.35.

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