Crude Oil Midday Report 23/ June /2010

Crude has been trading in a very narrow range since this morning, due to the effect of the positivity appearing of momentum indicators and support from the MA 50. Meanwhile, pivotal resistance is currently at 77.70 and could impede the pair’s bullish push, which is required to activate the bearish direction expected today that will remain intact as long as trading is below 78.80. The morning report highlights the suggested bearish trend that is expected.
The trading range for today is among the key support around 75.75 and the key resistance around 79.50.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