Crude oil update for 03/02/2009
Crude was able to close below the neckline for the bearish pattern at 40.60 which is now the pivot point on the intraday basis yet today we expect the short term trend to be to the downside unless trading returns above the 42.50 level confirmed with a four hour close. The stochastic indicator shows crude being oversold which could delay further declined for some time but on the other hand, the downside trend remains valid as far as trading is below 42.50 and will be confirmed further with trading below the 40.60 level.
The trading range for today is among the key support at 35.80 and the key resistance at 45.25
The general trend is to the downside as far as 52.00 remains intact with targets at 34.85 and 32.25
Gold is still respecting our expected bearish scenario which we mentioned in our mid-day report yesterday as it’s moving around 901.00 areas represented by the lower line of the diagonal as shown on the chart. A decisive break of which will confirm this expectation based on settling below the golden ratio of Fibonacci 161.8% at 907.00 besides TEMA and GATOR negative signals. TEMA indicator value is now at 897.00 The trading range for today is among the key support now at 856.00 and key resistance now at 945.00 areas. The general trend is to the downside as far as 934.00 remains intact with targets at 649.20 and 615.60
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