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Technical oil
Written by article default Friday, 28 October 2011 11:41
Oil Report
Midday Report:Crude oil futures for December settlement
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Oil failed again below 94.50 and dropped this morning to trade around 92.50 now. Stochastic crossed over negatively, thus we might see a test of the breached flag formation before re-attempting to the upside again, where 90.60 level is an important intraday support which if breached we might see a test of 89.60.
The trading range for the day is among the major support at 89.60 and the major resistance at 96.00.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
*The provided chart based on GMT+3
| Support | 92.30 | 91.50 | 90.60 | 89.60 | 88.80 |
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| Resistance | 92.95 | 94.00 | 94.55 | 95.00 | 95.60 |
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| Recommendation | Based on the charts and explanations above we recommend buying oil around 91.60 targeting 93.00 and 94.50 . Stop loss with four-hour closing below 90.60 | ||||
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