Morning Report: Crude oil futures for December settlement

The commodity rebounded after testing the major support area around 89.50 and just below the ascending support of the channel , currently oil may be heading toward our 2nd target for yesterday at 92.50, where the 50 SMA over four-hour basis is located along with a horizontal resistance. We will stay aside for this morning, awaiting another possible trade setup before the midday report.

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+2

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RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmations.