Crude carried strong attempts at 112.45, forcing us to reconsider the suggested harmonic pattern which might be a bat, a butterfly or a crab pattern as the chart above shows. In fact, stability around D1 favors the cancelation of the first choice and moving to D2 at 115.55 and probably continue higher beyond that. Therefore, trading above the support at B around 109.75 favors the upside move for crude. We recommend reviewing yesterday's reports and the weekly update for more classical analysis for crude.
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.
|Recommendation||Based on the charts and explanations above our opinion is buying crude around 111.45 and take profit in stages at 113.05, and 115.55 and stop loss with four-hour closing below 109.75 might be appropriate|