Morning Report: Crude Oil Futures for November Settlement

The awaited upside correction that we discussed yesterday has materialized, to achieve our target near 80.00 level . At the moment, the commodity settled above the 50% Fibonacci correction level - as shown on image- suggesting that the move may extend a bit further and maybe toward 80.50 where the 50 period SMA and the descending trend line are located, however, stochastic has entered overbought area , therefore, we will remain neutral for now awaiting a potential reversal or continuation signal.

The trading range for the day is among the major support at 74.00 and the major resistance at 81.00 .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.