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Tuesday October 4 , 2011 10:19 GMT
Oil Report
Midday Report: Crude Oil Futures for November Settlement
No noticeable changes since morning, where oil settled above 76.00 and trading within a narrow range. We hold onto our bearish outlook for oil, however we may witness an upside pullback affected by the major pivot at 76.00 area, and to relief momentum indicators from the extreme oversold stance. Anyhow, for the downside momentum to remain persistent pullbacks should be limited below 80.00.
The trading range for the day is among the major support at 72.00 and the major resistance at 79.60
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 76.00 | 75.70 | 75.00 | 74.00 | 73.50 |
| Resistance | 76.80 | 77.35 | 78.00 | 78.80 | 79.60 |
| Recommendation | Based on the charts and explanations above we recommend selling oil around 79.60 targeting 78.00 and 75.75. Stop loss with four-hour closing above 80.30 | ||||
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