Crude faces level 105.40 still impeding it from continuing to move to the upside, where stochastic is showing a bearish slant and at the same time key support is around 103.50 highlighted in red above, alongside 104.00 that appears to be showing good stability today; thus, providing more chances to witness the breach of the highlighted and representing the D2 point of the suggested harmonic pattern, pushing towards level D3 that will witness the completion of the harmonic crab pattern around it. Hence, bullish expectations remain valid for today since 102.40 is showing intraday stability, alongside 104.00 stabilizes within the daily closing.
The trading range for today is among the key support around 100.40 and the key resistance around 108.00.
The short term trend is expected towards the upside as long as the daily closing is above 98.00 with targets at 113.35.
|Recommendation||Based on the charts and explanations above our opinion is buying crude around 104.00 targeting 108.00 and stop loss with a four hour closing below 102.70, might be appropriate.|