Crude Oil Midday Report 22/ June /2010

Crude is gradually nearing the awaited pivotal support at 77.20, with major oversold signs appearing through stochastic. The pair has met the MA 50 at 77.20, thereby including additional strength to this level; therefore,morning expectations will remain intact as the intraday ascend is awaited while chances of achieving it remain intact as long as trading remains above 77.20.

The trading range for today is among the key support around 76.80 and the key resistance around 80.90.

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