Crude Oil Weekly Technical Report 29/10-2/11/2012

 Oil stabilizes below 61.8% Fibonacci at 86.25 while EMA 50 continues to pressure the price negatively. In the interim, Stochastic presents bearish signs and thus, we will be bearish during this week mainly targeting 82.80 as far as 86.25 and 87.80 hold.

The trading range for this week is expected among the major support at 88.00 and the major resistance at 96.00.

The short-trend trend is to the upside with steady weekly closing above 78.00, targeting 104.65 and 110.55.

Support    85.00    84.50    84.00    83.20    82.80
Resistance    86.25    87.00    87.70    88.30    89.00
Recommendation    Based on the charts and explanations above our opinion is selling oil around 86.25 targeting 84.50 and 83.00, stop loss with a four-hour closing above 87.70 might be appropriate.