Midday Report: Crude Oil Futures for November Settlement
The commodity extended the upside move to reach 81.00 level. At the current levels, and so long as trading is stable above 80.50 we may witness several attempts to the upside. However, if oil settles below 80.50 again we may witness a dip to the downside -affected by the descending trend line shown on the image in addition to Stochastic overbought stance- towards 79.60 areas. Anyhow, we will continue to monitor the price action awaiting a breach either above 82.00 level which will confirm a breach of the aforementioned trend line or below the 50% Fibonacci correction at 79.40 to confirm a possible downside leg toward the latest lows near 75.00 and the main descending support shown above.
The trading range for the day is among the major support at 77.00 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 | 80.50 | 80.00 | 79.50 | 78.40 | 77.00 |
| Resistance | 81.00 | 82.00 | 83.20 | 84.00 | 84.75 |
| Recommendation | Based on the charts and explanations above we recommend buying oil with four-hour closing above 82.00 targeting 84.00 and 86.00, stop loss with four-hour closing below 81.00 OR selling oil with hourly closing below 79.50 targeting 77.00 and 75.00, stop loss hourly closing above 80.50. | ||||
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