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Technical Oil
Written by article default Thursday, 08 September 2011 09:17
Oil Report
Morning Report for crude oil futures for October settlement
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Crude oil inclined yesterday, while today the commodity is trading between 89.00 and 90.00, however below the resistance at 90.35 as shown above in red. Stochastic is turning positive, while RSI is stable above 50 points. As we mentioned before, stability below 90.35 does not confirm the extension of the upside movement. Those reasons are sufficient for us to remain neutral today, awaiting more confirmations.
The trading range for today is among the major support at 86.00 and the major resistance at 92.30.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 89.10 | 88.60 | 87.20 | 86.60 | 86.00 |
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| Resistance | 90.35 | 90.70 | 91.10 | 91.60 | 92.30 |
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| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations. | ||||
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