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Technical oil
Written by article default Friday, 04 November 2011 12:09
Midday Report: Crude oil futures for December settlement
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The commodity is currently challenging the two technical barriers, the 200 days SMA and the main descending resistance as shown above. After breaching the minor channel we mentioned previously, the price continued the upside move to reach the current levels just below 95.00. Unfortunately, due to the sensitivity of the current market conditions, technically and fundamentally; as the NFP report is to be released within a couple of hours, we should remain on the sideline again.
The trading range for the day is among the major support at 90.60 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+2*
| Support | 94.50 | 94.00 | 93.50 | 92.45 | 91.80 |
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| Resistance | 95.00 | 95.50 | 96.30 | 97.00 | 98.00 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside for the rest of the day. | ||||
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