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Wednesday October 26 , 2011 05:35 GMT
Oil Report
Morning Report:Crude oil futures for December settlement
The commodity found resistance at the top of the channel and the 127.2% Fibonacci extension in addition to medium term descending trend line –colored in red-. The 94.50-95.00 area should form a good ceiling for price in the near term, while a breach above the level will signal bullishness towards 100.00 mark. On the other hand, a downside pullback should be limited to 89.60 areas, a breach below that level shall threaten bullishness significantly.
The trading range for the day is among the major support at 89.60 and the major resistance at 96.00.
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 | 92.70 | 92.00 | 91.10 | 90.60 | 89.60 |
| Resistance | 94.50 | 95.00 | 95.60 | 96.20 | 97.00 |
| Recommendation | Based on the charts and explanations above we recommend buying oil around 91.85 targeting 93.00 and 94.50. Stop loss with four-hour closing below 91.00 | ||||
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