Morning Report

According to our four hour closing, crude is still trading within the same sideways range between 108.70 and 107.45, where this makes us expect crude to require more momentum to continue its bullish trend. Hence, a little bearish correction is still awaited since crude stabilized above 106.55, where the expected bullish trend continues after ridding of the negative momentum on RSI. Bullish expectations require stability above 106.05 key support for the upside channel.

The trading range for today is among the key support around 103.75 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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RecommendationBased on the charts and explanations above our opinion is buying crude around 107.30 targeting 110.20 and stop loss with a daily closing below 106.05, might be appropriate.