Crude Oil Midday Report 24/ June /2010

Crude managed to build the expected base on 75.75 and bullishly rebound, but it is facing a hard time surpassing the sideway range shown above, which is at 76.50. The suggested morning scenario is activated, thus we await startingthe expected bullish intraday trend, according to this morning alongside keeping an eye on the importance of crude’s movement if it does not revisit 75.75 once again.
It is possible that the breach could cause through it more bearish movement as its upcoming target is around 74.85.

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