Morning Report

We will assess crude from higher timeframes today opposed to those we are used to. We can see the completion of the IM and now crude is trading within the downside correction. The correction was steep and severe yesterday and that took it below 23.6% correction at 103.55-60 and trading below those areas supports the likelihood of reaching 96.60 at least. On the other hand, momentum indicators are attempting to correct slightly yet the general downside move is expected to prevail.

The trading range for today is among the major support at 96.60 and the major resistance at 106.05.

The short term trend is to the upside with steady daily closing above 105.75 targeting 118.45.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling crude around 103.50 and take profit in stages at 100.45, 98.60, and 96.60 and stop loss with daily closing above 106.05 might be appropriate