Crude Oil Midday Report 06/ August /2010

Crude achieved an ascend from this morning where it returned to sharply move to the downside nearing vital support to trade today at 81.55. Momentum indicators are still showing negative signs that support morning expectations; thus, we hold onto expectations of a bearish trend over an intraday basis, as long as stability is below 82.55. Oil
The trading range for today is among the key support around 79.90 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