Midday Report : Crude Oil Futures for November Settlement
The bearish divergence on Stochastic signaled that we may see a downside move in the near term, and trading below 84.50 pushed the commodity to the downside to test 84.00. At the mean time, oil is trading within a rectangle pattern, where the pivotal support for next intraday direction resides at 83.95, as price failed to trade below this level since three days. Accordingly, we expect the downside momentum to accelerate with a breach of the aforementioned support, targeting mainly 82.00 areas.
The trading range for the day is among the major support at 82.00 and the major resistance at 88.50.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 84.00 | 83.30 | 82.10 | 81.35 | 80.50 |
| Resistance | 84.50 | 85.30 | 86.15 | 86.60 | 87.35 |
| Recommendation | Based on the charts and explanations above we recommend selling oil with four-hour closing below 83.95 targeting 82.10 and 80.00. Stop loss with hourly closing above 84.65 | ||||
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