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Tuesday November 22 , 2011 06:31 GMT
Oil Report
Morning Report: Crude Oil Futures for January Settlement
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The 200 –days SMA formed a solid ground for the commodity, where it rebounded from the support area we mentioned yesterday to trade again above 97.00. We may see further upside attempts towards 98.00-99.00 areas and the previously breached ascending trend line. However, in general, the bearishness could resume from those key resistance levels targeting another test of the Moving average.
The trading range for the day is among the major support at 94.00 and the major resistance at 100.00.
The short-term trend is to the downside with steady weekly closing below 105.00 targeting 65.00.
*New York Time Candlesticks*
| Support | 96.60 | 95.60 | 95.00 | 94.50 | 94.00 |
| Resistance | 97.50 | 98.00 | 99.00 | 99.60 | 100.25 |
| Recommendation | Based on the charts and explanations above we recommend selling oil around 98.50 targeting 97.00 and 95.50. Stop loss with four-hour closing above 99.85 | ||||
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