Morning Report: Crude Oil Futures November Settlement
The commodity continued the free fall, and finally found a near term ground around our targeted 80.00 level, to acquire all the suggested targets for the week. Now, oil is attempting to breach 80 level as well, downside targets below 80 will be 77.70 and the latest bottom at 75.70. However, an ascending long term support along with the 80.00 support level is halting further decline, price has to print a four hour closing below 80.00 to increase the possibilities of a continuation toward the suggested targets, and any upside correction should be limited to 82.00-83.00 area over intraday basis.
The trading range for the day is among the major support at 75.70 and the major resistance at 83.50.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 82.10 targeting(80.00,77.70,76.00) and stop loss with four-hour closing above 83.20.|