Morning Report: Crude Oil Futures for November Settlement
After forming a minor double top formation over the lower time frames the commodity dropped sharply from levels among 84.00-85.00 critical area, to reach below 80.00 mark. We may see a prolonged period of range trading among 77.00-85.00 area as price big swings to the up and downside hint the indecisive stance. However, we remain in favor of bearishness during the upcoming period. Currently and over intraday basis we continue to expect further attempts to the downside affected by breaching important intraday support levels.
The trading range for the day is among the major support at 77.00 and the major resistance at 85.75.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 82.00 targeting 80.00 ,77.50. Stop loss with four-hour closing above 82.65|