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Markets Chartist Technical Analysis
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WTI Oil & Brent Crude
Thu, Nov 5 2009, 08:08 GMT
by Carol Harmer
WTI Oil Dec Contract
Crude reached 81.06 before corrective pressure kicked on. However this is still looking good from both the long and short term charts, and dips should still be bought.
Stochastics are approaching oversold levels, so tie this is with support from the short term 38% fib at 79.34 and join the buyers in taking the market higher from this point. You should find this coming to 81.00/06 once more. Here longs should be covered. Re-establish over 81.20 as this will keep the short term pressure to the topside and provoke a move higher with 82.00 the measured target.
Now if the market breaks below 79.20 there will be more downside moves with 78.84 your first target. Buyers are expected to here, but they will not hold if the market breaks through 78.70. as they will expect further weakness then to 78.20 where fresh buyers will be expected to enter the market.
Brent Crude Dec Contract
Brent did trade higher, but failed at 7945, just in front of 7948 resistance. Now you have seen this come lower and currently it is trading below the first short term, fib level of 78.35.
We do need to clear this resistance to keep short term upward momentum flowing. Failure will result in weakness down to 7778/67. Here sellers will be looking to cover and fresh buyers are expected to enter here. This support zone is the short term 38% fib level and also the 55 period moving average thus offers a good re-entry point for buyers. Now if 7750 breaks buyers will leap from longs and send this lower to 7726/08 where buyers should be found once more.
7878/67 holding sees scope for this to break and held above 7835 and push higher for 7945/48 once more. Cover longs to here. Re-instate longs if above 78.50 for 8010/30.
Published on Thu, Nov 5 2009, 08:19 GMT
Archive
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