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 Commodity Chart S3 S2 S1 PP R1 R2 R3 H L C Crude Oil 92.93 95.71 97.41 100.19 101.89 104.67 106.37 102.98 98.50 99.10 Natural Gas 2.540 2.602 2.649 2.711 2.758 2.820 2.867 2.772 2.663 2.697 Heating Oil 2.9200 2.9798 3.0169 3.0767 3.1138 3.1736 3.2107 3.1364 3.0395 3.0541 Gasoline RBOB 2.5845 2.6512 2.6912 2.7579 2.7979 2.8646 2.9046 2.8245 2.7178 2.7313 Gold 1616.1 1628.5 1638.1 1650.5 1660.1 1672.5 1682.1 1662.9 1640.9 1647.7 Silver 28.966 29.418 29.771 30.223 30.576 31.028 31.381 30.675 29.870 30.124 Copper 3.4080 3.4650 3.5570 3.6140 3.7060 3.7630 3.8550 3.6710 3.5220 3.6490 Platinum 1468.7 1480.0 1490.0 1501.3 1511.3 1522.6 1532.6 1512.5 1491.2 1500.1       Extreme Range         Posted courtesy of Oil N' Gold

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