Morning Report for Crude Oil Futures for October Settlement Oil is still trading within a narrow range, fluctuating around the 50 SMA and no serious changes since yesterday, therefore we will hold onto neutrality this morning as well, awaiting a breakout either above 86.00 or below 85.00 over four-hour basis.Trading range for the day is among the major support at 80.00 and the major resistance at 90.00.The short term trend is to the downside with steady daily closing below 100.00, targeting 65.00. Previous Report Weekly Report
Based on the charts and explanations above we recommend buying oil with four-hour closing above 86.10 targeting 88.20 and 89.60. Stop loss with four-hour closing below 85.00 OR selling oil with four hour-closing below 84.95 targeting 83.00 and 81.25 Stop loss four-hour closing above 86.00.
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