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Today's outlook for WTI Crude Oil Futures
Thursday, March 11, 2010
by Carol Harmer of Charmer Charts
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WTI Oil April Contract WTI remains under pressure now with the little top formation. Also the daily charts are showing there to be quite a large top formation now so this should come lower over the next week and 8070 to 8035 will be the short term objective. Here sellers will look to cover. They will re-instate if the market breaks 8035. Once this support has been dispatched look for 7965/60 then the short term objective. Again seller will cover. Buyers however are expected at this point and they will hold unless a break below 7950 occurs. 8241 offers good resistance and sellers will be waiting here. They will hold shorts unless above 8260 as only a break above here sees this come higher with 8330 to 8370 then the expected objective where once more sellers will be waiting. www.technicalanalysisreports.com
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About the author
Carol Harmer has over 30 years experience of analysing and trading the world’s markets and is undoubtedly one of the most respected technical analysts in the world today.
Her career started in the early eighties, trading futures on the floor at LIFFE where she quickly discovered Technical Analysis as a way to maximise profits. She was one of the first traders on LIFFE to discover and study this form of analysis and quickly became widely recognised as an expert in its use as well as highly profitable.
This soon led to a position as Senior Technical Analyst for Midland Bank. She was later head hunted for the role of Manager of Technical Analysis for Nomura Bank and then as Head of Technical Trading at Credit Suisse. Carol is also one of the first T/A's from a bank to join the STA (The Society of Technical Analysts) in the mid 80's and has trained and worked with some of the UK’s leading technical analysts.
In 1996 Carol launched 'Charmer Charts' to train independent traders in technical analysis and became the first person to provide daily forecasts for the established traders on the LIFFE floor.
She returned to the floor, trading her own account, advising traders throughout the day and continued her appearances on Bloomberg, CNBC and Reuters financial TV where she provided her valued, expert opinion on the direction of financial markets.
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