Technical Oil Report

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Monday October 31 , 2011 10:59 GMT

Technical Oil Report

Oil Report

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Midday Report: Crude oil futures for December settlement

Oil traded a bit higher after our morning report to reach just above 93.00 activating our morning scenario. We look for further decline within the rest of the session, as the commodity breached the 20 SMA over four-hour basis in addition to an intraday ascending trend line. An hourly closing below 92.30 may accelerate the downside move.

The trading range for the week 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

Weekly Report

Support	92.00	90.60	89.60	88.75	87.50
Resistance	93.15	94.50	95.00	96.30	98.00
Recommendation	Our morning expectations remain valid.

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