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Wednesday October 19 , 2011 10:58 GMT
Oil Report
Midday Report: Crude oil futures for December settlement
Crude inclined as we suggested earlier as our morning expectations remain valid, where stability within the ascending channel and also above the main descending resistance which started from the top at 114.80, supports oil’s positive momentum to remain strong. Consolidation above 87.80 is necessary for our expectations to remain as they are over intraday basis.
The trading range for today is among the major support at 85.20 and the major resistance at 91.10.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 88.20 | 87.80 | 87.35 | 86.80 | 86.00 |
| Resistance | 89.20 | 89.80 | 90.00 | 90.40 | 91.10 |
| Recommendation | Based on the charts and explanations above our opinion is buying crude around 87.90 and take profit in stages at (89.80 and 91.10) and stop loss with 4-hour closing below 86.80 might be appropriate today. | ||||
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