The mixed signals pointed in our morning report are starting to affect crude, where it managed to breach the awaited resistance level at 73.75; but due to the 100 MA and the negative cross over on Stochastic crude is pressured to descend, despit e of the four hour closing above the breached resistance.
Crude Oil Midday Report 03/6/2010
Our morning expectations remain intact, keeping in mind that the breach of 72.45 will pave the way to the downside to activate the double top patter previously discussed.
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The trading range for today is among the key support at 71.65 and the key resistance at 75.75.
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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
[email protected]
www.ecpulse.com