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Monday October 3 , 2011 10:01 GMT
Oil Report
Midday Report: Crude Oil Futures for November Settlement
The commodity remains under downside pressure, to reach near 77.50, while Stochastic is clearly oversold and attempting to unload some of the negativity, thereby we may see an upside attempt, however immediate resistance resides at 79.70 area where downside pressure may resume again. We continue to expect bearishness over the short term supported by trading below various time frames descending trend lines and the 50 SMA.
The trading range for the week is among the major support at 71.00 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 | 77.00 | 75.70 | 73.70 | 72.50 | 70.75 |
| Resistance | 79.60 | 81.50 | 82.15 | 83.80 | 84.80 |
| Recommendation | Based on the charts and explanations above we recommend selling oil around 80.00 targeting 78.00 and 75.70. Stop loss with four-hour closing above 81.50 | ||||
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