advertisement
Wednesday October 26 , 2011 10:23 GMT
Oil Report
Midday Report:Crude oil futures for December settlement
The commodity is still pushing to the upside, where price is trading near the top of the channel in addition to the main descending resistance -colored in blue- while momentum indicators are attempting to exit overbought areas. Therefore, we anticipate an intraday downside pullback, but we should be very careful as breaching 95.00 may signal a major upside rally.
The trading range for the day 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
| Support | 93.00 | 92.20 | 91.10 | 90.60 | 89.60 |
| Resistance | 94.50 | 95.00 | 95.60 | 96.20 | 97.00 |
| Recommendation | Based on the charts and explanations above we recommend selling a small amount of oil contratcs around 94.50 targeting 93.00 and 91.10. Stop loss with hourly closing above 95.00 | ||||
To read the full story, ClickHere
Home | Contact Us | More News
ecPulse.com has sent you this message.
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
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