Crude Oil Midday Report 21/ June /2010

Crude ascended gradually since this morning, where it neared the awaited support around 79.00 but is finding difficulty in surpassing 61.8% Fibonacci correction due to the negativity from momentum indicators as shown above. No change is detected since our morning report and we expect an overall bullish trend for today, targeting areas around 80.00 then 81.00.
The trading range for today is among the key support around 78.00 and the key resistance around 81.00.

The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.

By: Yasir Mubarak
Senior Technical Analyst