Markets

Technical Oil (2011-09-08)

Morning Report for crude oil futures for October settlement Crude oil inclined yesterday, while today the commodity is trading between 89.00 and 90.00, however below the resistance at 90.35 as shown above in red. Stochastic is turning positive, while RSI is stable above 50 points. As we mentioned before, stability below 90.35 does not confirm the extension of the upside movement. Those reasons are sufficient for us to remain neutral today, awaiting more confirmations. The trading range for today is among the major support at 86.00 and the major resistance at 92.30. The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00. Previous Report Weekly Report

Support 89.10 88.60 87.20 86.60 86.00
Resistance 90.35 90.70 91.10 91.60 92.30
Recommendation Based on the charts and explanations above, we remain neutral awaiting more confirmations.

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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