Crude Oil Morning Report 16/ July /2010

Crude succeeded in achieving yesterday’s scenario flawlessly by touching the awaited target around 75.65 and returned to trade above support for the previously mentioned rising wedge. The stochastic is close to showing negative signs that make us breach this wedge’s support (76.35) that in its role paves the way towards the bearish intraday direction that starts targets at 75.15 then 74.20. It is vital that a base is built below 77.55 is important to achieve this scenario. Oil
The trading range for today is among the key support around 74.20 and the key resistance around 78.25..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