Daily Technical Report
(121.68) Supprt: 120.99-120.34 Swing Point: 121.36 Range Reversal: 1.39
1* Market showing a breakout under a previous contract low and should quickly extend selloffs. Failure to extend the breakout now alerts for a bear failure. A close back over 122.23 signals a breakout failure and turnaround. 2* Yesterday’s close signals breakout under a previous daily swing low and should prompt continuation selloffs the next 1-3 days. Sustained trade under the previous low will help motivate selloffs. Corrections should not close above 122.23 to maintain the breakout. 3* The downside objectives for this formation range from 121.15 to 120.07 with a close over 122.65 needed to negate a bear trading stance. 4* Market is within proximity of this week’s projected resistance range of 122.79-122.21, which may provide a likely zone for topping action or setbacks.
SEP CRUDE OIL
(91.83) Supprt: 90.49-89.78 Swing Point: 92.84 Range Reversal: 2.91
1* The upside target zone for this pattern is from 95.58 to 99.57 with a close under 87.67 needed to negate a bull trading stance. 2* Market is within proximity of this week’s projected support range of 88.06-91.14, which may provide a likely zone for bottoming action or rebounds. 3* Yesterday’s penetration of support range levels gives a statistical bias for declines today-tomorrow.