Morning Report: Crude Oil Futures For October Settlement
After reaching our targeted resistance area among 89.00-90.00, the commodity settled around 89.00 pivot. Again we should mention the significance of this level for the near term direction at the same time our eyes are on 95.00 region as the next potential upside target, however we should follow price action at 90.00 before confirming any upside move. Over intraday basis and for this morning, we think that a downside correction may occur toward 87.60 area so long as price is steady below 90.00.
The trading range for today is among the major support at 85.00 and the major resistance at 92.50.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
|Recommendation||Based on the charts and explanations above we recommend selling oil around 89.20 targeting 88.20 and 87.50. Stop loss with hourly closing above 90.00|