Crude Oil $USO $CL_F $QM_F

Therewillbeblood_07

Last Sunday, I pointed the 78-76 area that -although tested- has offered good support and the 84.50-82 resistance area.

The week saw price consolidating in the 78-76 are and rotating along it during early this week, to the point the lower support area got breached. Nevertheless, the-end-of-the-week-rally provided a boost for price to recover the upper band of resistance around the 84 U$S level.

2011-10-10_0051

Some further insight into the move shows the violent upmove in wide range profiles with small prints. Considering oil moved almost 9 Dollars  within a week, a rest -and some retracement- might actually be healthy. I see near term resistance (mild) @84.50-85 and a more important area in the 88.25 area.

2011-10-10_0106

Short term support in the 81.00 mark, 78 and 77. Mildly important areas of business where possible inventory transition could be experienced

* 77-77.75 

* 80.25-80.75 

* 81.50-82

 

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