Morning Report for Crude Oil Futures for July Settlement

Despite favoring the downside move for the number of reasons mentioned before, yet areas of 96.60 maintained its stability with three failed attempts for crude to set a daily closing below it. We might see an intraday downside correction today to form the three troughs as pointed with arrows above, which might push crude to retest areas between 102.75 and 103.60. RSI is biased slightly positive, while Stochastic is positive which supports the temporary bullishness yet we should not ignore the validity of the general bearishness. We recommend returning to our weekly and previous reports for more details.

The trading range for today is among the major support at 96.05 and the major resistance at 106.50.

The short term trend is to the downside with steady daily closing below 109.75 targeting 85.40.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying crude around 99.40 and take profit in stages at 101.80 and 102.75 and stop loss with daily closing below 97.70 might be appropriate