Morning Report

With stability above 112.45, the bat pattern was clearly negated as we expected. Therefore, we have the possibility for the upside move to continue with the CD leg formation of the harmonic with the leg formation close to a crab pattern and still not discarding the possibility of a butterfly pattern. Stability above 111.00 keeps the upside wave valid while stability above 112.45 strengthens that possibility.

The trading range for today is among the major support at 109.75 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.

Previous Report

Weekly Report

Support112.85112.45112.20111.45111.00
Resistance113.85114.50115.55115.80116.40
RecommendationBased on the charts and explanations above our opinion is buying crude around 112.85 and take profit in stages at 114.50, and 115.55 and stop loss with four-hour closing below 111.00 might be appropriate