Crude Oil Midday Report 15/ June /2010

Crude managed to breach the awaited 75.75 with four-hour closing, activating the bullish intraday scenario targeting 77.00 area. Keep in mind that scattered resistance levels are between 76.50 – 77.00 and could impede crude’s upside movement. We recommend observing crude’s movements when it reaches these levels.

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