Crude Oil weekly Report 09/ August /2010

Crude was able to achieve the suggested bearish trend in our last reports as it managed to achieve primary targets around $80.00 per barrel and finds a hard time reaching the retest level at 79.35, due to the upcoming support from the MA 50. Oil
Chances of achieving more bearish movement that is available according to trading principals as it trades within crude channel’s, meanwhile the stochastic is showing bullish signs that support the current bearish trend ending and halting at the MA 50 that meets with 38.2% Fibonacci correction for the last bullish wave. This conflict in signs makes us recommend observing trading for upcoming reports as we await for more assurance signs.The trading range for today is among the key support around 78.60 and the key resistance around 84.40.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