11/13/2012 Update

Monday’s Crude Pit Session:

High: 86.54

Low: 85.27

Settlement: 85.56

I observance of the Veterans Day Holiday we saw very light volume traded in the pits.  It seems traders are trying to digest the Presidential election results and re-position themselves.  We saw big news hit the ticker tape from the EIA that they want to make the USA the number one producer of crude oil by 2020-2035.  That said we may see crude rally to the 88 handle with a break above 86.77 and then sell off significantly, possibly back down to the 79 handle.  A break below 84.00 will be an extremely bearish indication that could push us down to the 79 handle. 

Resistance: 85.50, 86.00, 86.50,86.77,87.00,87.50,87.88,88.00

Support: 85.07, 84.96,84.83, 84.70, 84.13, 83.30,83.00,82,50,82.00

Come listen to the action live as it unfolds at www.crudesquawk.com!!