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Thursday September 22 , 2011 10:10 GMT
Oil Report
Midday Report: Crude Oil Futures November Settlement
The commodity took a nosedive, where it dropped more than 5 dollars since last night. This morning another downside push took oil lower to settle around 83.00 dollars a barrel which is our second targeted area, and just below the minor descending channel. More downside attempts are anticipated, although we might see a minor upside correction -that should be limited below 85.00 pivot- due to RSI oversold stance and the important 83.00 mark.
The trading range for the day is among the major support at 80.00 and the major resistance at 86.00.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 83.00 | 82.50 | 81.50 | 81.15 | 80.30 |
| Resistance | 84.00 | 85.00 | 85.50 | 86.00 | 87.00 |
| Recommendation | Based on the charts and explanations above we recommend selling oil around 84.70 targeting 82.50 and 80.00. Stop loss with four hour-closing above 85.70 | ||||
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