Members login
Technical oil
Written by article default Tuesday, 01 November 2011 08:34
Morning Report: Crude oil futures for December settlement
 |
Yesterday, the commodity reached our targeted 92.00 area, while it’s fluctuating heavily among 93.50-91.35 narrow range forming a consolidation symmetrical triangle continuation pattern where trading is steady below the main descending resistance -colored in red- and the 200 days SMA; at the same time trading remains within the short term ascending channel. Stochastic is attempting to gather upside momentum.Therefore, we will monitor trading this morning due to the mixed technical signals, awaiting a fresh signal before our midday report.
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 | 91.70 | 91.30 | 90.60 | 89.60 | 88.70 |
|
|
|||||
| Resistance | 92.55 | 93.55 | 93.90 | 94.50 | 95.00 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations. | ||||