Morning Report

Crude started the needed correction to currently trade around 23.6% correction at 111.45 with the seen negative pressure from the bearish pattern in the secondary image. This pattern might extend the downside correction if crude breached and stabilized below the neckline at 111.10. Stochastic entered oversold areas supporting chances for crude to resume the intraday upside move which requires the breach above 111.45 and stability above 111.10.

The trading range for today is among the major support at 108.80 and the major resistance at 115.70.

The short term trend is to the upside with steady daily closing above 98.00 targeting 113.35.

Weekly Report

Support111.10110.45109.60108.80108.45
Resistance111.45112.20113.05113.85114.50
RecommendationBased on the charts and explanations above our opinion is buying crude with hourly closing above 111.45 and take profit in stages at 113.05, and 115.30 and stop loss with four-hour closing below 110.45 might be appropriate