Crude Oil Midday Report 05/ August /2010

Crude attempted to breach the minor support at 81.90, but quickly returned to build a base above it. Meanwhile, Stochastic is heading to the downside accompanied by the RSI moving near overbought areas. Thus, we expect a bearish intraday direction towards targets suggested this morning. 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