Technical Oil (2011-10-19)

By @ibtimes on

Morning Report: Crude oil Futures for December settlement

Despite the four-hour closing below 86.00, crude rushed once again to the upside to consolidate above the main descending resistance and within the ascending channel shown above. The confirmation for the upside wave was through a four-hour closing above 86.80 which was also mentioned earlier. Stability above 87.90 and above 86.80 is sufficient to expect the upside move to continue today.

The trading range for today might be between the support of 85.20 and resistance of 91.10.

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

Previous Report

Weekly ReportSupport88.2087.9087.3586.8086.00Resistance89.2089.8090.0090.4091.00RecommendationBased on the chart and explanation above our opinion is buying oil around 87.90 and take profit in stages at 89.80 and 91.10 and stop loss with four-hour closing below 86.80 might be appropriate

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