Morning Report

Crude is showing weak bearish sideways trading, where this is considered natural and is expected it to occur according to RSI that is showing overbought signs due to the indicators moving to the downside. In return, the upside channel is still intact since stability is above 106.55 that maintains bullish intraday expectations. Stability above 105.25 is essential for intraday expectations to remain valid.

The trading range for today is among the key support around 104.80 and the key resistance around 110.20.

The short term trend is expected towards the upside as long as the daily closing is above 98.00 with targets at 113.35.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying crude around 106.55 targeting 110.20 and stop loss with a daily closing below 105.25, might be appropriate.