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Friday September 30 , 2011 10:23 GMT
Oil Report
Midday Report: Crude Oil Futures for November Settlement
The trading range is getting narrower, while the 20-50-100 period Exponential Moving Averages clearly describe the current ranging stance, in addition to the symmetrical triangle -all illustrated on image-. Accordingly, our morning expectations for the commodity remain valid, however we will try to exploit these conditions to scalp some points trading among the triangle, by longing lows and shorting highs.
The trading range for the day is among the major support at 80.00 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 | 81.75 | 81.20 | 80.50 | 79.60 | 77.90 |
| Resistance | 82.25 | 82.75 | 83.30 | 84.00 | 84.60 |
| Recommendation | Our morning expectations remain valid. We also recommend buying oil around 81.15 targeting 81.75 and 83.00 with stop loss hourly closing below 81.00 | ||||
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