Morning Report for Crude Oil Futures for July Settlement

Oil successfully achieved the initial targets we mentioned in our reports yesterday, where a bullish technical pattern has completed by breaking the neckline at 100.95 as shown in the secondary image, therefore, we expect that the intraday upside move will continue today, targeting 102.75 and 103.55, however, we need stability above 99.80 to keep our expectations valid.

The trading range for today is among the major support at 97.70 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.

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More Technical Analysis

Support100.95100.4599.8599.0098.20
Resistance101.80102.20102.75103.55104.55
RecommendationBased on the charts and explanations above our opinion is buying crude around 100.95 and take profit in stages at 102.75 and 103.55 and stop loss with daily closing below 99.80 might be appropriate