Technical Oil Report

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Friday October 21 , 2011 10:55 GMT

Technical Oil Report

Oil Report

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Midday Report: Crude oil futures for December settlement

The commodity is still stable above the descending resistance shown in black, and also above 23.6% Fibonacci correction at 86.20. But, Stochastic is turning negative, while RSI is neutral. Therefore, we remain neutral of the rest of the session today.

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.

Previous report

Weekly Report

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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