Morning Report for Crude Oil Futures for July Settlement
With stability above 96.60 with daily closing, the classic bullish pattern remains valid. Stochastic today supports the upside move, while RSI is attempting to stabilize above 50. We expect another upside attempt today affected by the mentioned classic pattern, yet still remember that the general formation is still bearish, and we recommend returning to the weekly report for more details as crude is currently in a temporary upside wave.
The trading range for today is among the major support at 95.05 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.
|Recommendation||Based on the charts and explanations above our opinion is buying crude around 99.00 and take profit in stages at 101.80 and 102.75 and stop loss with daily closing below 97.70 might be appropriate|