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Monday October 24 , 2011 10:18 GMT
Oil Report
Midday Report
The commodity pulled back to the downside to touch 87.45 area and activate our intraday bullish scenario. A broadening formation may be in progress while oil is trading withing the upper part of the range bound among 90.00-75.00. RSI is lagging price action which is a negative sign, thus we would love to see the indicator confirm the upside momentum by testing overbought areas again soon. In general our expectations remain valid so long as the intraday support near 87.75 remain intact.
The trading range for the week is among the major support at 84.00 and the major resistance at 95.00.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
*The provided chart based on GMT+3
| Support | 87.40 | 86.75 | 84.20 | 83.35 | 81.40 |
| Resistance | 88.80 | 90.50 | 91.50 | 93.50 | 95.00 |
| Recommendation | Our weekly expectations remain valid. | ||||
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