Crude Oil Midday Report 31/5/2010

Crude is moving within the same narrow range since this morning due to the absence in some markets, where it is fluctuating around the 100 MA over four-hour basis as shown above. From here, the weekly expectations will prevail but requires breaching 75.35 and also stability above 73.10.

The trading range for today is among the key support at 73.10 and the key resistance at 76.00.The short term trend is to the downside as far as 79.20 remains intact with targets at 61.60.

By: Yasir Mubarak
Main Technical Analyst