Crude Oil Weekly Technical Report 15-19/10/2012

 The price has retested the support level at 90.75 (dashed red line), meanwhile stochastic is almost within oversold area, thus we continue to expect bullishness this week , targeting mainly 93.35 followed by 95.20 levels. Taking into consideration that a break below 90.75 will push price to retest the support of the ascending  channel at 89.00.

The trading range for this week is expected among the major support at 89.00 and the major resistance at 95.20.

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

Support    90.75    90.00    89.50    89.00    88..30
Resistance    91.70    92.35    93.05    93.80    94.45
Recommendation    Based on the charts and explanations above, we recommend buying oil around 90.75 targeting 91.70 and 93.35. Stop loss with four-hour closing below 90.00