Crude Oil Technical Analysis 6/8/2011

Pivot: 99.90

Our Preference: SHORT positions below 99.9 with targets @ 97.85 & 96.9.

Alternative scenario: The upside breakout of 99.9 will open the way to 100.56 & 101.8.

Comment: the RSI is mixed and calls for caution.

Trend: ST Range; MT Range

Key levels Comment

101.8* Intraday resistance
100.56** Fib retracement (50%)
99.9** Intraday pivot point
98.4 Last
97.85** Intraday support
96.9** Intraday support
95.55** Intraday support

Crude Oil (NYMEX) 6/7/2011

1 week Trend:  (=)   1 month Trend:  (=) Crude Oil‏ (Jul 11) intraday: key ST resistance at 99.4 Pivot: 99.40 Our Preference: SHORT positions below 99.4 with 97.85 & 96.9 in sight. Alternative scenario: The upside breakout of 99.4 will open the way to 100.76 & 101.8. Comment: the price is challenging its negative trend line. Trend: ST Range; MT Range Key levels Comment 101.8* Intraday resistance 100.76** Intraday resistance 99.4** Intraday pivot point 99.13 Last 97.85** Intraday support 96.9** Intraday support 95.55** Intraday support

Crude Oil‏ (Jul 11) intraday: the downside prevails.

Pivot: 101.80

Our Preference: SHORT positions below 101.8 with 99.5 & 97.85 in sight.

Alternative scenario: The upside breakout of 101.8 will open the way to 103.5 & 105.

Comment: quotes are breaking down their bullish channel.

Trend: ST Range; MT Range

Key levels Comment

105*** Fib retracement (50%)
103.5** Fib projection
101.8** Intraday pivot point
110.5 Last
99.5** Intraday support
97.85** Intraday support
95.8** Intraday support

Crude Oil‏ (Jul 11) intraday: bullish bias above 99.5

Pivot: 99.50

Our Preference: LONG positions above 99.5 with 101.8 & 103.5 as next targets.

Alternative scenario: The downside breakout of 99.5 will open the way to 97.85 & 95.8.

Comment: quotes are standing within a bullish channel.

Trend: ST Range; MT Range

Key levels Comment

105*** Fib retracement (50%)
103.5** Fib projection
101.8** Intraday resistance
110.84 Last
99.5** Intraday pivot point
97.85** Intraday support
95.8** Intraday support