Crude Oil Midday Report 29/ June /2010

Crude succeeded in breaching awaited morning support at 77.20 to activate the bearish trend’s scenario and is nearing the first key target at 75.75. From here, morning expectations will remain intact as we could witness some fluctuation to retest the breached level before heading towards achieving the awaited targets. The four hour closing above 77.20 could postpone achieving the expected bearish targets for today.
The trading range for today is among the key support around 74.10 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