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Friday October 7 , 2011 05:35 GMT
Oil Report
Morning Report: Crude Oil Futures for November Settlement
The rally persisted, and oil printed a high of 83.01. Currently, the commodity is challenging the 78.6% Fibonacci correction and 83.00 level. Breaching the descending trend line yesterday hints more bullishness may be on the horizon, however Stochastic is clearly overbought, therefore we might see downside attempts that would relief Stochastic and retest the breached 61.8% Fibo Level and the breached descending trend line before resuming the upside move.
The trading range for the day is among the major support at 78.00 and the major resistance at 85.00 .
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 82.00 | 81.15 | 80.50 | 79.60 | 79.00 |
| Resistance | 83.00 | 84.00 | 84.70 | 85.15 | 86.40 |
| Recommendation | Based on the charts and explanations above we recommend buying oil around 81.00 targeting 82.70 and 84.75, stop loss with four-hour closing below 80.00 | ||||
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