Crude Oil Morning Report 17/ September /2010

Crude touched support for the ascending channel that organizes current trading, seen on the chart above, accompanied by momentum indicators moving in oversold areas. Thus, we expect natural trading within this channel then crude to rebound to start its journey in targeting this channel’s resistance around $79.00 per barrel. From here,we expect a bullish intraday direction that started its technical targets at 76.05 then 76.85. Keep in mind that achieving these expectations require a daily closing above 74.25.

Oil

The trading range for today is among the key support around 73.30 and the key resistance around 76.85.The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.