Morning Report

Crude resists overbought signs appearing through momentum indicators, where the bullish wave's strength is showing us how much it gained since the breach of 106.55. Classically, signs of an upside channel are evident and initial support is around 105.50 presently; whereas trading above this level will maintain chances of more bullish movement. Some major fluctuation is expected, alongside bearish correction since in overall trading stability is above 106.55 today and above 105.50; maintaining the bullish trend intact.

The trading range for today is among the key support around 105.50 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 107.70 targeting 110.20 and stop loss with a daily closing below 106.55, might be appropriate.