Morning Report: Crude oil futures for December settlement

After testing the top of the minor descending channel shown above, oil retreated reaching our first target for yesterday at 92.25 and dropped further to print a low of 91.12, we may see further downside pressure on the commodity, however 89.50 is the critical level that should be monitored within the upcoming period. Currently, oil is trading at the middle of the range from 89.50 to 94.50; therefore we will stay aside this morning, awaiting signals before the midday report.

The trading range for the day is among the major support at 89.15 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+2*

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