Midday Report : Crude Oil Futures for November Settlement
One more attempt towards 86.50 top, but the commodity found intraday resistance at 85.85, the broadening formation shown on the chart suggests that we may see another attempt towards the descending resistance and the 86.50 latest highs, where we expect the selling pressure to resume from there, Stochastic is positive supporting the intraday upside bias. In general and over the longer time horizon bearishness is anticipated as the short term down trend is still intact, but a breach above the descending resistance with daily closing may send oil higher to test 90.00 again.
The trading range for the day is among the major support at 82.00 and the major resistance at 88.00.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 84.50 | 84.00 | 83.30 | 82.10 | 81.35 |
| Resistance | 85.50 | 86.15 | 86.60 | 87.35 | 88.00 |
| Recommendation | Based on the charts and explanations above we recommend selling oil around 86.60 targeting (84.60, 83.30, 81.30). Stop loss with daily closing above 87.30 | ||||
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