Morning Report: Crude oil futures for December Settlement

Oil gave traders an extra dose of adrenaline yesterday, where trading fluctuated heavily in rollercoaster like ride . After torching the awaited support at 94.50 the commodity rallied to acquire all our upside targets for yesterday. The support area proved strength and remains intact, while stochastic is loosing the bullish momentum; anyhow, we continue to anticipate minor upside rebounds from that support area targeting short targets.

The trading range for the day is among the major support at 93.50 and the major resistance at 98.00.

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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RecommendationBased on the charts and explanations above we recommend buying oil around 94.50 targeting 95.35 and 97.00. Stop loss with hourly closing below 93.70