Crude Oil weekly Report 05/ July /2010

Crude stabilized trading below support for the key ascending channel after insuring the breach of the neckline for the bullish technical pattern, shown below. We still see that there are bearish targets for this pattern that have not been reached yet, but we could witness some fluctuation and minor bullish correction due the bullish momentum appearing through the four hour channel, before continuing the expected overall bearish direction for this week. Technical targets start at 69.50 then 67.15, keep in mind the importance of stability below 74.55 to insure achieving this scenario. Oil
The trading range for today is among the key support around 67.15 and the key resistance around 75.25.

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