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Tuesday October 18 , 2011 10:51 GMT
Oil Report
Midday Report: crude oil futures for December settlement
Crude breached the critical support of the upside move, and proved the return below the main resistance of the downside movement. But, we prefer to wait until oil provides 4-hour closing below 86.00 to confirm the suggested negative scenario mentioned in our morning report. But, without any 4-hour closing below the mentioned level and in case a 4-hour closing above 86.80 was seen, then our suggested weekly scenario will be in the picture again.
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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