Technical Oil (2012-04-25)
The recent bullishness is limited below 104.25 resistance and the main descending resistance for the declining channel at 105.25, and below point C for the possible technical harmonic pattern, where price could be forming now the CD leg of the pattern. Thus we expect the downside bias to resume today; taking into consideration that steady trading below 105.25 is required for these expectations to remain intact.
The trading range for today is expected among the major support at 102.00 and the major resistance at 106.45.
The short-trend trend is to the upside with steady daily closing above 99.60, targeting 116.50.
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**New York Candlesticks**
|Recommendation||Based on the charts and explanations above our opinion is selling crude below 103.80 targeting 102.00 and 101.20 and stop loss above 105.25.|
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