الملف المرفق 144108
Technical Report:
Yesterday’s price action looked very lethargic once again with the market unable to sustain rallies above the $135 level.The market appears to be taking a pause, trading slightly lower in the on going sideways range as players continue digestingWednesday's DOE data and testimony of Fed Reserve chairman Bernanke. The market saw heavy selling as a build in US crude inventory and talk of risk saw traders take profits. As mentioned in yesterdays 'Oil Comment ' we see $130.50 a very significant support level (Low of 10/06/06) and significant indicator if broken for the short to medium term trend.
The short term trend is down while the medium is sideways and long term trends remain bullish.
Support: $130.73 (yesterdays low) Resistance: $139.26 (high of 16th July 08)
Support: $130.50 (Low 10th June 08) Resistance: $ 137.85 (high of 17th July 08)
Support: $129.24 (14 day moving average) Resistance: $135.39 (40 day moving average)
Summary:
The market looks increasingly bearish from both demand and supply point of view, despite all the latest geopolitical tension, crude exports are running high from a number of countries, this production could be arriving just as demand, particularly in the US and to some extent in Europe is slowing, however factors still point to higher crude oil prices in the long term but do look likely of a short term correction due to the US dollar/economy & global credit conditions stabilization. We feel oil is starting to appearto be less of a safe haven than previously perceived, even amidst a renewed weakening in the US dollar.