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Thursday October 20 , 2011 10:59 GMT
Oil Report
Midday Report: Crude oil futures for December settlement
Crude inclined sharply and returned to trade above the main resistance for the downside trend shown in black, where oil is not trading within the ascending channel anymore. Stochastic provides a positive crossover, while RSI returned above the 50 points level. Therefore, we remain neutral for the rest of the session, where the current upside movement is only a 4-hour candlestick, which is not sufficient to define the next move.
The trading range for today is among the major support at 80.55 and the major resistance at 90.40.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 86.20 | 85.60 | 85.20 | 84.65 | 84.05 |
| Resistance | 86.80 | 87.35 | 87.85 | 88.20 | 89.20 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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