Crude Oil Morning Report 29/ September /2010

Crude found strong support at the MA 50 that maintains the suggested bullish trend scenario in our previous reports, where all is needed now is the clear breach and stability above the neckline at 76.60. Thus, we can expect a bullish intraday direction targeting 78.25 then 80.00, where resuming it requires trading to stabilize above 75.40. Oil
The trading range for today is among the key support around 75.40 and the key resistance around 78.85.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