11/16/2012 Update

Yesterdays Crude Pit Session:  (Jan Contract)

High: 87.25

Low: 85.10

Settlement: 85.88

Looking ahead to today’s crude pit session:

Yesterday we saw crude trade in within a $2.15 relatively bearish range after what should have been a bullish DOE inventory report coming in lower than the forecasted 2.5M build at 1.1M.   I order for the bulls to take charge they will still need to break above the 87.00 level.  Conversely, a break below the 84.00 will confirm this bearish trend may continue.   If we do not break these levels we are expecting prices to chop around this 85.00 trading range.  We are also keeping a very close eye on geopolitical news in the as any major escalation of war in the Middle East could dramatically force prices to rise.   

Sign up today at www.crudesquawk.com  and listen to this action packed day broadcasted live from the NYMEX Pit as it unfolds!

Resistance: 87.08, 86.75,87.00,  87.50, 88.00, 88.25 88.50, 89.00, 89.75, 90.38

Support:  85.50, 85.10, 84.90, 84.50, 84.93, 84.50, 84.00, 81.78