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Wednesday October 5 , 2011 10:25 GMT
Oil Report
Midday Report: Crude Oil Futures for November Settlement
Oil dropped just below 77.00 to activate our morning scenario. Areas of 77.00 should form an intraday support for the commodity where the 50 period SMA over the hourly time frame is located. The commodity has rebounded towards 77.50 area again where the immediate resistance is the intraday descending trend line shown on the chart. A breach above the trend line shall accelerate the upside move towards the main descending trend line (colored in black).
The trading range for the day is among the major support at 74.00 and the major resistance at 81.00 .
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 76.80 | 76.00 | 75.25 | 74.50 | 74.00 |
| Resistance | 78.00 | 78.80 | 79.60 | 80.50 | 81.50 |
| Recommendation | Our morning expectations remain valid. | ||||
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