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Technical Oil
Written by article default Wednesday, 12 October 2011 08:19
Oil Report
Morning Report : Crude Oil Futures for November Settlement
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The commodity fluctuated heavily yesterday, however it ended the day above the 50 SMA again, but below the main descending resistance, while stochastic is entering overbought territory. An upside breakout over daily basis above the descending resistance may signal a bullish rally targeting initially 90.00 , but again we will remain neutral for now, until a clear continuation or reversal signals occur.
The trading range for the day is among the major support at 82.00 and the major resistance at 88.50.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 84.50 | 83.95 | 83.30 | 82.75 | 81.70 |
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| Resistance | 86.00 | 86.60 | 87.40 | 88.00 | 89.00 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations. | ||||
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