Morning Report: : Crude Oil Futures November Settlement

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A slight pullback to the upside grabbed the commodity to retest the breached support area among 87.00-88.00 where the breached ascending support of the wedge resides; the breached level should act as a good resistance to prevent more upside attempts that would invalidate the bearish formation. The bearish outlook for oil remains valid so long as 88.50 remain intact over four-hour basis. Downside targets start initially at 85.00. 83.00.

The trading range for the day is among the major support at 80.00 and the major resistance at 88.50.

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

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A slight pullback to the upside grabbed the commodity to retest the breached support area among 87.00-88.00 area where the breached ascending support of the wedge resides; the breached level should act as a good resistance to prevent more upside attempt that would invalidate the bearish formation. The bearish outlook for oil remains valid so long as 88.50 remain intact over four-hour basis. Downside targets start initially at 85.00. 83.00.

Support86.5085.3084.7084.0083.30
Resistance87.5088.0088.5089.2090.00
RecommendationBased on the charts and explanations above we recommend selling oil around 87.50 targeting 85.50 and 83.00. Stop loss with four-hour closing above 88.50