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Technical oil
Written by article default Friday, 11 November 2011 07:41
Oil Report
Morning Report: Crude Oil Futures for December Settlement
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Oil continues to push to the upside approaching 98.50 areas, while a bearish divergence continues to appear on RSI over four-hour basis, 98.50 may form a good intraday resistance, therefore, we expect intraday downside attempts for this morning targeting initially 97.00.
The trading range for the day is among the major support at 95.00 and the major resistance at 98.75.
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 | 97.35 | 96.50 | 95.80 | 95.20 | 94.50 |
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| Resistance | 98.50 | 99.00 | 99.60 | 100.00 | 100.50 |
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| Recommendation | Based on the charts and explanations above we recommend selling oil around 98.30 targeting 97.30 and 96.40. Stop loss with four-hour closing above 98.75 | ||||