The Great Cryptocurrency Conspiracy of 2018....The truth, the whole truth, and nothing but the truth about cryptocurrencies—and how Wall Street and Washington are covering it up....Register Here for this FREE Event

Friday, January 13, 2012

ONG: Sharp Move Dominates Oil Market, Bears Take the Momentum

Sharp moves dominated yesterday's session, where oil rallied to acquire our targeted area near 103.00 before reversing sharply again to breach the bearish technical pattern shown on image in addition to 100.10 support. Currently, price is testing the breached level again which turns into resistance after testing the main pivotal support at 98.50, but in general, trading remain within the same ranging stance. Today we may see another downside attempt as important technical levels were breached yesterday.
The trading range for the day is expected among the major support at 96.00 and the major resistance at 102.00.
The short term trend is to the downside with steady daily closing below 105.00, targeting 65.00.

Daily Pivot Points  Normal Range  Last Bar
Crude OilChart92.9395.7197.41100.19101.89104.67106.37102.9898.5099.10
Natural GasChart2.5402.6022.6492.7112.7582.8202.8672.7722.6632.697
Heating OilChart2.92002.97983.01693.07673.11383.17363.21073.13643.03953.0541
Gasoline RBOBChart2.58452.65122.69122.75792.79792.86462.90462.82452.71782.7313
   Extreme Range    
Posted courtesy of Oil N' Gold

Could Crude Oil Prices Intensify a Pending SP 500 Sell Off?

No comments: