Morning Report: Crude Oil Futures for November Settlement
As expected, upside attempts were halted pretty well below 80.00 areas yesterday, and the downside pressure resumed significantly to send the commodity toward new lows and 75.90. Currently a major pivot at 75.75 which is august's low should form an immediate support for oil. A kind of rounding formation has appeared where the potential breaking point is the 75.70-as shown on chart- if price manages to settle below 75.70 our eyes will be upon 70.00 as the next major stop. For now due to the importance of the aforementioned support in addition to stochastic oversold stance we will stay aside awaiting an entry signal.
The trading range for the day is among the major support at 71.00 and the major resistance at 85.00The 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 staying aside awaiting more confirmations.|