crude oil : heading towards 60

Hong Kong Qindex 08:38 GMT December 9, 2006
Crude Oil (January) : Heading Towards 60

The daily directional indicator is 61.84 - 62.09* - (63.03). The market is under pressure when it is trading below 61.84. The upside targeting points are 63.21 and 63.28. The downside targeting points are 59.72 and 60.47.

The distribution profile of super magnets are as follow : - (57.15) - 57.34* - 59.10 - 59.72* - (60.09) - 60.47 - 61.84 - 62.09* - (63.03) - 63.21 - 64.47* - 64.57 - (65.97) - 66.84* - (68.91).

The market is going to test the supporting strength of the projected barrier at [61.84]* - [62.09]* and it has a good potential to head for 60.09. A projected resistant point is expected at 62.95. A projected supporting level is located at 60.83 - 61.02.


Daily Cycle Reference : ... 59.10* - 59.79 // 60.47* - 61.15 - [61.84]* - 62.52 - 63.21* // 63.89 - 64.57* ...


3-Day Cycle Reference : ... 57.34* - 58.53 // 59.72* - 60.90 - [62.09]* - 63.28 - 64.47* // 65.65 - 66.84* ...


Weekly Cycle Reference : ... 57.15* - 58.62 // 60.09* - 61.56 - [63.03]* - 64.50 - 65.97* // 67.44 - 68.91* ...

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General Remarks : The Current Expected Trading Range is 58.63 - 67.04

Monthly Cycle : The current expected trading range is [60.06]* - 65.38. Projected supporting points are positioning at 58.29 and 61.83. As shown in the distribution profile of my monthly cycle probability chart the market has a tendency to tackle 68.92 if it can overcome the projected resistance at 65.38.

Weekly Cycle : The center of the projected series is positioning at [63.03]*. The odds are in favour of maintaining a short position when the market is trading below [63.03]*. The weekly cycle normal trading range is 58.13 - 65.97. The initial downside targeting point is 60.04. The distribution profile of weekly cycle charts suggest that the market can easily reach 58.13 if it can penetrate through 60.04.