advertisement
Wednesday November 2 , 2011 06:31 GMT
Oil Report
Morning Report: Crude oil futures for December settlement
The commodity rebounded after testing the major support area around 89.50 and just below the ascending support of the channel, currently oil may be heading toward our second target for yesterday at 92.50, where the 50 SMA over four-hour basis is located along with a horizontal resistance. We will stay aside for this morning, awaiting another possible trade setup before the midday report.
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+2*
| Support | 91.70 | 90.90 | 90.00 | 89.60 | 88.80 |
| Resistance | 92.50 | 93.50 | 93.90 | 94.50 | 95.00 |
| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations. | ||||
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