Midday Report:Crude oil futures for December settlement

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The awaited downside pullback occurred yesterday, where oil tested the support around 90.00 level, the commodity continues to move within the ascending channel, and momentum indicators are attempting to the resume bullishness, therefore, we expect the upside move to resume today targeting mainly and initially the highs near 94.50.

The trading range for the day is among the major support at 89.60 and the major resistance at 96.00.

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

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Weekly Report

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The awaited downside pullback occurred yesterday, where oil tested the support around 90.00 level, the commodity continues to move within the ascending channel, and momentum indicators are attempting to the resume bullishness, therefore, we expect the upside move to resume today targeting mainly and initially the highs near 94.50.

Support91.5090.6090.089.6088.60
Resistance92.3093.0093.8594.5095.00
RecommendationBased on the charts and explanations above we recommend buying oil around 91.50 targeting 93.00 and 94.50. Stop loss with four-hour closing below 90.60