Members login
Technical Oil
Written by article default Monday, 17 October 2011 11:46
Oil Report
Midday Report : Crude Oil Futures for November Settlement
|
|
Crude is stable above the main resistance of the downside trend mentioned in our weekly report. Over 4-hour basis, we find that crude is forming an ascending channel. These factors together drive us to hold onto our positive expectations as they are as long as the commodity is stable above 85.30. Momentum indicators are negative which could trigger heavy fluctuations.
The trading range for this week is among the major support at 82.85 and the major resistance at 91.70.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 87.00 | 86.50 | 85.20 | 84.65 | 84.00 |
|
|
|||||
| Resistance | 88.20 | 89.20 | 89.80 | 90.15 | 90.40 |
|
|
|||||
| Recommendation | Our weekly expectations remain valid | ||||
|
||||||||||||