Crude Oil Morning Report 24/ June /2010

Crude succeeded in achieving yesterday’s suggested bearish technical pattern flawlessly, where it managed to achieve key targets while keeping in mind that it was not able to build a base below the pivotal level 75.75.
Momentum indicators are showing bullish signs, alongside 75.75 stabilizing as we expect a bullish intraday trendthat will start its targets at 77.25 – 77.75. Keep in mind the importance of crude stabilizing below 75.75 will weaken chances of achieving the suggested ascend and lead to more bearish movement that may reach 74.85 then 73.75.

The trading range for today is among the key support around 74.85 and the key resistance around 78.90.
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