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Tuesday October 18 , 2011 05:45 GMT
Oil Report
Morning Report: crude oil futures for November settlement
The commodity is providing mixed signs, where crude oil is currently trading around the main support for the upside movement, but also below the main resistance which supported the negativity from the top at 114.80. Therefore, a 4-hour closing above 86.80 is required to confirm the positive outlook, while 4-hour closing below 86.00 is required to confirm the negativity.
The trading range for today is among the major support at 82.10 and the major resistance at 89.80.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 86.00 | 85.20 | 84.65 | 84.00 | 83.30 |
| Resistance | 86.80 | 87.35 | 88.20 | 89.20 | 89.80 |
| Recommendation | Based on the charts and explanations above our opinion is buying crude above 86.80 and take profit in stages at (88.20 and 89.80) and stop loss with 4-hour closing below 86.00 OR selling crude with 4-hour closing below 86.00 and take profit in stages at (85.20 and 84.00) and stop loss with 4-hour closing above 86.80 might be appropriate today. | ||||
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