11/14/2012 Update

Yesterday’s Crude Pit Session:

High: 85.95

Low: 84.57

Settlement: 85.56

We saw Crude rise off yesterdays pit session low of 84.57 and its settlement of 85.56 to 86.00 during the London overnight session.  Due to the Veterans Day holiday Tuesdays API Report was delayed until Wednesday night and DOE inventory reports are scheduled for release on Thursday, November 15, 2012 at 10:30am.  We are expecting to see another build in both of these reports.  However, an open above 85.38 will be considered bullish and an open below will be bearish.  We also are keeping a very close eye on the 84.00 level as a break below will be extremely bearish and could push up down to the 79 handle

Resistance:  85.95, 86.50, 86.68, 87.00, 87.50, 88.06

Support:  85.56, 85.30, 85.00, 84.65, 84.57, 84.00, 82.54

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