11/8/2012 Update

Yesterdays Crude Pit Session:

High: 87.54

Low: 84.05

Settlement: 84.5

As DOE inventories levels came out yesterday at the expected 1.8M build we watched yesterdays crude prices fall to the lowest levels we have seen in over 4 months.  Traders appear to now be balancing their positions after the election as we watched crude rise $.95 during the overnight session to 85.39.   We are expecting to see a slow choppy trade up today possibly back into the 86 handle especially if we see an opening print above the 85.50 level.   

Resistance:  85.39, 85.50, 85.94, 86.50, 87.88

Support: 85.00, 84.75, 85.50, 84.05, 83.07

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Have a great trading day!