Midday Report:Crude oil futures for December settlement
The commodity is trending steadily to the upside, after breaching the major 90.00 psychological level the rally extended without any noticeable pullback to reach 93.00, which is the 161.8% extension of the latest bearish wave, where it found resistance. Our intraday bullish outlook for the commodity remains unchanged, however Stochastic is extensively overbought, we prefer to see a pullback toward 90.00 area again to jump into another potential upside attempt toward 94.00-95.00 resistance.
The trading range for the day is among the major support at 89.60 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 | 92.00 | 91.10 | 90.60 | 89.60 | 88.85 |
| Resistance | 93.00 | 93.50 | 94.30 | 95.00 | 95.65 |
| Recommendation | Based on the charts and explanations above we recommend buying oil around 90.20 targeting 91.80 and 94.00 . Stop loss with daily closing below 89.60 | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment