ESSO : Looks good for a rally to 13.40-13.60 range

ESSO has 12.20 to clear first, but a breakout here should see it rally to 13.40-13.60, confirmation of which for us will be a breakout on NYMEX Crude futures above US$ 100, giving 102.20-102.40 then 105 as targets. Decent support is building at 98.20-98.50

A US debt ceiling agreement should be enough to propel crude to the first, if not second target given above, and with it ESSO should hit 12.20 quickly, with its next target at 12.50-12.70. A move to 13.40-13.60 will need crude to hit 105


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