Crude Oil Morning Report 25/ June /2010

Crude was pushed to the upside according to yesterday’s suggested scenario, although the pivotal resistance has halted around 76.80 as a strong barrier in front of more bullish movement; thus retesting the previously breached neckline that has met with SMA 50.
These factors point to the ongoing negative pressure on the pair; therefore we expect a bearish intraday trend, where its first key target is at 74.90. Keep in mind that strong support around 75.75 could impede crude’s attempts at descending.

The trading range for today is among the key support around 74.00 and the key resistance around 78.25.
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