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Wednesday October 5 , 2011 05:37 GMT
Oil Report
Morning Report: Crude Oil Futures for November Settlement
The commodity rebounded to the upside after failing to breach and stabilize below 76.00 important pivotal support. Stochastic over daily basis has entered oversold territory, suggesting that we might witness another pullback towards the descending resistance and the 50 SMA shown on the chart. Therefore, we expect an upside pullback this morning targeting mainly 80.00 area.
The trading range for the day is among the major support at 74.00 and the major resistance at 81.00 .
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 77.35 | 76.80 | 76.00 | 75.25 | 74.50 |
| Resistance | 78.00 | 78.80 | 79.60 | 80.50 | 81.50 |
| Recommendation | Based on the charts and explanations above we recommend buying oil around 77.00 targeting 80.00, stop loss with hourly closing below 75.90 | ||||
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