Midday Report: Crude Oil Futures for November Settlement
The downside pressure remains dominant, as oil dropped to print a low near 77.00 this morning. For the intraday bearishness to remain persistent, the upside attempts should be limited below 80.30 over four-hour basis; a breach above the aforementioned level with four-hour closing may extend the rallies toward 81.75 and 83.00. However, the overall bias will remain bearish for the commodity as explained in our weekly report, only a breach of the descending trend line we mentioned this morning and 85.00 area may threaten the bearish scenario. Thereby, our weekly scenario remains valid for the rest of the day.
The trading range for the week is among the major support at 70.00 and the major resistance at 83.00.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 77.50 | 76.50 | 75.00 | 73.50 | 71.00 |
| Resistance | 80.80 | 81.75 | 83.00 | 85.00 | 86.70 |
| Recommendation | Our morning expectations remain valid. | ||||
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