Crude Oil Midday Report 16/ June /2010

Crude is trading according to the suggested morning scenario and gradually heading to the awaited target at 75.75, where this descend is supported by the negative momentum over four-hour basis. 

Our morning expectations will prevail while observing crude’s movement closely when it reaches the mentioned target, where breaching it will extend the bearish correction that may point to the retest level provided on the weekly chart and mentioned in the morning report.

The trading range for today is among the key support around 75.35 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
Senior Technical Analyst