Crude Oil Midday Report 04/ August /2010

Crude touched the awaited resistance at 82.25 and reversed to the downside reaching midway towards the first suggested target at 81.10. Crude is currently testing 82.00, while momentum indicators are still showing negative signs that support resuming the expected bearishness over intraday basis. Our expectations require trading to remain below 82.35. Oil
The trading range for today is among the key support around 80.00 and the key resistance around 84.00.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