Oil Report
Midday Report: Crude Oil Futures November Settlement
No major changes since morning, the commodity continues to consolidate above 80.00 level, where RSI is clearly oversold over four-hour basis, and upside attempts were well capped below 82.00. Bearishness is still in favor for the rest of the day, taking into consideration that rallies that carry the commodity above 83.00 may trigger more intraday bullishness.
The trading range for the day is among the major support at 75.70 and the major resistance at 83.00.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
Morning Report
Weekly Report
| Support |
80.00 |
79.40 |
78.30 |
77.70 |
76.80 |
|
| Resistance |
81.70 |
82.20 |
83.00 |
83.40 |
84.00 |
|
| Recommendation |
Based on the charts and explanations above we recommend selling oil around 82.20 targeting (80.00,77.70,76.00) and stop loss with four-hour closing above 83.20 OR selling oil with four-hour closing below 80.00 targeting 77.70 and 76.00, stop loss four hour closing above 80.30 |
