Crude Oil Midday Report 18/ June /2010

Crude oil succeeded in breaching the mentioned pivotal support from this morning nearing halfway towards the awaited target around 74.55; whereas it is finding a hard time surpassing the most sensitive level towards the intraday s hort term direction at 75.75. Momentum indicators are nearing oversold areas and therefore keep an eye on upcoming trades. From here, morning expectations will remain intact. Oil
The trading range for today is among the key support around 74.55 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