Morning Report: Crude oil futures for December settlement
Oil rallied yesterday to reach near the highs at 94.50 this morning. As shown on chart, the descending resistance and the 200 days SMA are ceiling price action, while stochastic remains stable within overbought area, thus we continue to remain neutral this morning as the NFP jobs report is to be released during the midday. Therefore, we will wait and see where the commodity going to settle just before the report to decide what is the next appropriate action.
The trading range for the day is among the major support at 90.60 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*
|Recommendation||Based on the charts and explanations above we recommend staying aside awaiting more confirmations.|