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Technical Oil (2011-09-07)

Morning Report : Crude Oil Futures for October Settlement After dropping near 83.40 oil rebounded to the upside again to trade now around 86.50 important pivot. Trading back above the breached ascending support (colored in red) is a positive sign for the commodity; nevertheless, 86.50 may push oil for another intraday downside attempt at least to test the ascending support again, therefore we expect an intraday downside move for this morning. The trading range for the day may be among the major support at 80.00 and the major resistance at 89.00.The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00 Previous Report Weekly Report

Support 85.90 85.35 84.70 84.20 83.30
Resistance 86.50 87.20 87.70 88.20 89.00
Recommendation Based on the charts and explanations above we recommend selling oil around 86.50 targeting 85.00 and 83.50. Stop loss with four-hour closing above 87.50

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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