Morning Report: Crude Oil Futures for November Settlement
The awaited upside correction that we discussed yesterday has materialized, to achieve our target near 80.00 level. At the moment, the commodity settled above the 50% Fibonacci correction level – as shown on the image- suggesting that the move may extend a bit further and maybe towards 80.50 where the 50 period SMA and the descending trend line are located; however, stochastic has entered overbought areas, therefore, we will remain neutral for now awaiting a potential reversal or continuation signal.
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 | 79.50 | 78.40 | 77.50 | 77.00 | 75.90 |
| Resistance | 80.50 | 81.50 | 82.00 | 83.00 | 83.80 |
| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations. | ||||
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