Crude Oil Midday Report 17/ June /2010

Crude managed to build a base on 76.75 and rushing to stabilize above 77.25 with four-hour closing confirming the continuation for the bullish move. Our morning expectations remain intact with the ascending support for the bullish channel towards 76.45, as we await targets around $78.00 then 79.00 per barrel.

Oil The trading range for today is among the key support around 74.50 and the key resistance around 79.50.

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