Morning Report

Crude is trading around 107.10 areas pinned yesterday as the possible reversal areas. Trading below this level that represents 38.2% correction shown above keeps our downside expectations strong, while trading below 108.70 with daily closing keeps the possibility intact. Crude's negativity is due to the breach of the main support for the ascending channel.

The trading range for today is among the major support at 103.30 and the major resistance at 111.40.

The short term trend is to the upside with steady daily closing above 104.00 targeting 116.75.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling crude around 107.10 targeting 103.30 and stop loss with daily closing above 108.70 might be appropriate