Morning Report: Crude Oil Futures for November Settlement
A sharp rally sent the commodity to reach a high of 84.74; however, it failed to print a four-hour closing above our invalidation level at 84.00. Due to the strength of the latest rally, we anticipate more upside attempts over intraday basis, but it should be limited to 85.00 pivot. We might see a deeper downside correction for now due to Stochastic's overbought stance before reattempting to the upside again. In general we hold onto our bearish outlook for oil so long as 85.00 remains intact but for this morning and over intraday basis we anticipate more upside attempts.
The trading range for the day is among the major support at 79.00 and the major resistance at 85.00.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 82.40 | 81.75 | 80.90 | 79.60 | 79.00 |
| Resistance | 83.00 | 83.50 | 84.15 | 84.75 | 85.00 |
| Recommendation | Based on the charts and explanations above we recommend buying oil around 81.80 targeting 82.65 and 83.70. Stop loss with hourly closing below 81.50 | ||||
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