Technical Oil (2011-10-28)

By @ibtimes on

Morning Report:Crude oil futures for December settlement

The commodity attempted to the resume the upside move, after breaching the intraday bullish flag pattern yesterday, where oil tested areas around 94.35, while trading is uniform within the ascending channel Stochastic is in overbought areas again while the price is near to to the main descending resistance; accordingly, due to the conflicting signals we will remain neutral for now.

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

Previous Report

Weekly ReportSupport92.9592.3091.5090.6089.60Resistance94.0094.5595.0095.6096.50RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmations.

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