Technical Analysis for Energy Markets

[Jena carrter pcifx]

Crude oil achieved was able to breach the key level 71.85, after the correction level had enough 50% at 70.95. What we need now is to insure the breach through the four hours above level 72.00, which represents the retesting of the breach of the neckline for the bullish technical pattern, shown in the chart above, to open a way to reach the first target around 74.90. the mentioned bullish pattern’s targets are around 76.60, as long as trading remains above level 69.60 to maintain the expected upside.

The trading range for today is among the key support at 67.75 and the key resistance at 76.60.

The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.

Support: 70.95, 70.00, 69.60, 69.00, 67.65
Resistance: 72.60, 73.00, 74.10, 74.90, 76.00

Recommendation: Based on the charts and explanations above our opinion is buying oil from 72.00 To 73.45 and stop loss below 70.95, might be appropriate

More technical details avilable at www.Pcifx.com

[Crude Oil Trader]

Great analysis Jena, looks like support numbers are holding up. Looks like the trend is definitely up for now.





Crude Oil Trader