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Technical oil
Written by article default Wednesday, 09 November 2011 07:47
Morning Report: Crude oil futures for December Settlement
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Oil continues the rally and downside pullbacks were limited and short-lived, thus invalidating our expectations for a downside pullback yesterday. Stabilizing above 95.00 area may push the commodity toward 100.00 mark, however at the current levesl we see the risk is very high compared to reward, therefore, we will stay aside monitoring what price action brings us before the midday report.
The trading range for the day is among the major support at 94.50 and the major resistance at 98.00.
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 | 96.75 | 96.00 | 95.60 | 95.20 | 94.50 |
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| Resistance | 97.30 | 98.00 | 98.50 | 99.00 | 99.50 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations. | ||||
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