Crude Oil Morning Report 30/ September /2010

Crude succeeded in achieving yesterday’s suggested scenario flawlessly, where it is currently showing a bearish reversal due to the negativity of momentum indicators; therefore, making us expect some bearish correction that could build a base on 76.80 before returning to continue the expected bullish trend in overall. Technical targets are at $80.00 per barrel, but these expectation entail stability above 76.80 – 76.60 to succeed. Oil
The trading range for today is among the key support around 76.15 and the key resistance around 80.00.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