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Friday October 21 , 2011 06:37 GMT
Oil Report
Midday Report: crude oil futures for December settlement
Yesterday, the heavy fluctuations seen were unable to provide a clear technical sign, where oil returned to consolidate above the descending main resistance after rebounding from the Exponential Moving Average 100, but still, crude is trading around 23.6% Fibonacci correction and out of the scope of the ascending channel shown in blue. Therefore, we remain neutral again, awaiting further confirmations.
The trading range for today is among the major support at 80.55 and the major resistance at 90.40.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 85.60 | 85.20 | 84.65 | 84.05 | 83.30 |
| Resistance | 86.80 | 87.35 | 87.85 | 88.20 | 89.20 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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