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Tuesday November 1 , 2011 10:55 GMT
Oil Report
Midday Report: Crude oil futures for December settlement
Oil dropped sharply to trade below 91.00 level approaching the short term ascending support of the channel and the main horizontal support area around 90.00. Stochastic has just dipped within oversold territory as well; therefore, we expect an intraday upside rebound from levels near 90.00.
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 | 90.60 | 89.60 | 88.70 | 86.80 | 85.90 |
| Resistance | 91.30 | 92.50 | 93.50 | 93.90 | 94.50 |
| Recommendation | Based on the charts and explanations above we recommend buying oil around 90.00 targeting 91.20 and 92.50. Stop loss with four-hour closing below 89.60 | ||||
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