echnical Report:
Yesterday was a good example of a market trading within a range with a large swing of around $4.00. We are now close to the top of this established range and failure at current levels will point technically to a move down toward the bottom at $110.31. The 9 day moving average has now flattened pointing to more of the same, but this short term indicator can change very quickly and a breakout will soon alter its shape.
The short term trend is sideways and the medium term trend is down, while the long term trend remains bullish.
Support: $111.61 (Yesterdays low) Resistance: $120.05 (high of 05/08/08)
Support: $110.31 (low of 15/08/08) Resistance: $118.10 (high of 08/08/08)
Support: $108.42 (low of 01/05/08) Resistance: $115.80 (Today’s High)
Summary:
The rally of yesterday morning toward resistance at $115.75 on geopolitical fears was soon snuffed out by the DOE inventory statistics. The huge 9 million barrel build in crude stocks sent oil tumbling about $4.00 while the longs of the morning session bailed out. The secondary reaction to figures is often the key and after analysis there was some profit taking and re-emergence of new daily long positions. The spectre of conflict between Russia and NATO is firmly in peoples minds and yesterdays (and this mornings) price activity backs this up.
DOE Stock Figures (Change in millions bbls)
Crude +9.4 (0.7) Distillate +0.5 (+0.5) Gasoline -6.2 (-2.2)
21-08-2008, 11:01 AM
رد: ورشة المعادن و السلع 
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