Crude Oil (CL) Analysis, Key-Zones, Setup for Wed (Nov 04)Crude Oil FuturesNYMEX:CL1!MyAlgoIndexBias: Updated at 10:15 PM ET Tuesday for the overnight session. The December crude contract settled at 96.09 on Tuesday, down 0.37 or 0.38 percent, after trading between 98.82 and 93.59; it was the second consecutive lower settle and the lowest settle since 10/14/26. After the settle an industry estimate showed a 5.267 million barrel draw against a forecast build. The reopened Globex session then traded from a 97.15 high in the 8:00 PM ET bar to a 94.90 low in the 9:30 PM ET bar, and the contract traded at 95.36 at capture, 0.73 or 0.76 percent beneath the settle, beneath the 95.49 retracement of the four-week range. The news feed carried at 6:35 PM ET a press interview in which the President said there was no immediate plan to attack Iran, and later projections of US election results; these are items carried by the news feed, not confirmed events, and equity index futures fell more than 1 percent over the same hours. Brent's January contract settled at 103.60 on Tuesday, while heating oil rose 2.47 percent and gasoline 1.22 percent. The composite multi-indicator read holds at 8 percent buy with a weakest direction, negative direction leads on the 9-day directional system, and the settle sits beneath the 5-day and 20-day settlement averages but above the 50-day. In this review's interpretation the bias is lower while the contract holds beneath the 97.15 overnight high, with a rebound toward the 96.17 Pivot Point and the 96.76 post-settlement print the more likely first test. The government petroleum status report is scheduled for 10:30 AM ET on Wednesday, November 4, 2026, per the verified forward calendar. Resistance: - 98.74 Pivot R1 - 97.74 38.2 percent retracement from the four-week high - 97.15 overnight session high - 96.76 post-settlement print at the 4:30 PM ET bar - 96.17 Pivot Point - 96.09 Tuesday's settle - 95.49 50 percent retracement of the four-week range Support: - 94.97 stochastic projection - 94.90 overnight session low at 10:15 PM ET - 94.28 published target price - 93.59 Tuesday's session low - 93.51 Pivot S1 - 92.34 one standard deviation support Primary Setup: SHORT the December contract from the 96.40 to 96.70 band, between the 96.17 Pivot Point and the 96.76 post-settlement print. Stop 97.30, above the 97.15 overnight high. Targets at 95.80 first, above the 95.49 retracement, 95.05 second, above the 94.97 stochastic projection, and 94.30 third, above the 94.28 published target price. Risk to reward is roughly 1:1 to the first objective, 1:2 to the second and 1:3 to the third from the entry midpoint. The 14-day average true range is 4.06 points against a 75 cent stop distance. A settle above the 97.74 retracement negates the thesis; two consecutive 30-minute closes above 96.70 remove the edge before the stop is reached. The 10:30 AM ET inventory report can carry price through the stop in one move, and a government report confirming a large draw is the main risk to a short, which makes this an analyst judgment that rebounds toward the post-settlement print are sold. This setup replaces the earlier 97.70 to 98.00 band, which the overnight session did not reach. All levels are the December contract's. Tuesday's 96.09 settle closed the second consecutive decline, and the overnight session extended it beneath the 95.49 retracement. In this review's interpretation Wednesday is a test of whether a rebound stalls beneath the 97.15 overnight high, or whether the decline extends through Tuesday's 93.59 low toward Pivot S1 at 93.51.