Morning Report : Crude Oil Futures for October Settlement

Once more, oil retreated from levels near the top of the rising wedge formation after testing the 50 Days SMA. While the short term pattern suggests a downside continuation of the major move, there is no need for haste;as the trading range among the formation is getting narrower suggesting the breakout may be soon. Therefore, we will stay aside awaiting a confirmation for the next move.

The trading range for the day is among the major support at 83.00 and the major resistance at 92.00.

The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.

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RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmations.