Morning Report : Crude Oil Futures for October Settlement

Again oil is testing the 88.50 area, this level may be significant for the intraday direction of the commodity, a breach below may extend toward 86.50 region where the ascending support of the wedge resides. Momentum indicators are currently neutral, and trading is settled in the middle of the wedge, where the trading range among the formation is getting narrower . Therefore, we will stay aside this morning awaiting a directional breakout.

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.