Crude Oil Weekly Technical Report 26-30/11/2012

Oil traded positively by the end of Firday`s session exceeding the 87.70 barrier, and now we notice trading limitation inside a potential Rising Wedge; this may cause further bearishness in the upcoming period. The bearishness will be confirmed if the support at 86.90 is breached. Meanwhile, we must maintain our neutral position as we monitor how oil trades at the 86.90 support and the 89.00 then 90.20 resistance to confirm a precise direction.

The trading range expected this week is between the key support at 83.00 and the key resistance at 92.00.

The short-term trend is to the upside targeting 104.65 then 110.55 as far as week`s session closes above 78.00.

Support 87.70 86.90 86.25 85.65 85.00

Resistance 88.10 89.00 89.65 90.20 91.00

Recommendation Based on the chart and explanation above, our opinion is to remain neutral awaiting signs confirming certain direction.