Crude Oil Morning report 24/August / 2010

Crude stabilized below the pivotal resistance of  74.15 achieving a closing below it, alongside the bearish channel that controls the short term bearish wave that has started from the  recorded top of 82.95.  Oil
We see that more of the bearish intraday direction is expected as upcoming targets are around 71.40. Momentum indicators are showing oversold signs that may cause some fluctuations and minor bullish correction before heading towards suggested  targets; whereas keep in mind that resuming them requires the daily closing below pivotal resistance levels that are between 74.15 – 74.60.The trading range for today is among the key support around 71.40 and the key resistance around 74.60.The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.

Yasir MubarakSenior Technical