Crude Oil Weekly Technical Report 1-5/10/2012

Crude has found a solid ceiling at EMA 50 which forced it to move lower towards the pivotal support -colored in red- at 91.10 as seen on the provided chart. The neutrality is favored over intraday basis to watch out the price behaviors between 91.10 support and 92.40 resistance; noting that the daily closing is very important to define the next direction.

The trading range for this week is expected among the major support at 86.25 and the major resistance at 96.45.

The short-trend trend is to the upside with steady weekly closing above 78.00, targeting 104.65 and 110.55.

Support    91.75    91.05    90.60    89.85    89.00
Resistance    92.65    93.25    93.80    94.45    95.20
Recommendation    Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.