Morning Report:Crude oil futures for December settlement
Oil acquired our targets for yesterday, and extended the move further to breach the top of the range at 90.50. Trading settles just below 92.00 where no signs of a top in the near term, as the commodity breached the broadening formation and stabilized above the breached resistance of the formation, however RSI is clearly overbought, thus, we expect the upside move to extend further toward 93.50 but we may see a downside correction to retest the breach 90.50 area.
The trading range for the week is among the major support at 87.00 and the major resistance at 95.00.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
*The provided chart based on GMT+3
|Recommendation||Based on the charts and explanations above we recommend buying oil around 90.60 targeting 92.00 and 93.50 . Stop loss with four-hour closing below 89.60|