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Thursday November 3 , 2011 10:50 GMT
Oil Report
Midday Report: Crude oil futures for December settlement
The commodity rebounded this morning, to trade above 92.50 and near the resistance of the minor channel, the ranging stance that is dominating the commodity's movement may remain persistent, as major technical barriers are still intact such as the main descending resistance -colored in red- and 200 days SMA in addition to 89.50 major support area. Thus trading at the current levels push us to remain neutral for the rest of the day.
The trading range for the day is among the major support at 89.15 and the major resistance at 95.00.
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 | 91.80 | 91.00 | 90.60 | 90.00 | 89.60 |
| Resistance | 93.20 | 93.75 | 94.50 | 95.00 | 95.65 |
| Recommendation | Based on the charts and explanations above we recommend staying aside for the rest of the day | ||||
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