Morning Report for Crude Oil Futures for July Settlement

Crude oil head strongly to the upside yesterday to breach 100.70 level, after oil breached and managed to trade above the support level of the harmonic pattern shown in image, the downside move and the effect of the bearish harmonic pattern was invalidated.While from a classical point of view -in the second image- trading is still confined among a symmetrical triangle pattern that keeps the possibility of the resumption of the short term downside move. Accordingly, these mixed signals make us monitor the upcoming trading for oil, especially near the sensitive levels around 100.70 support and 102.75 resistance.

The trading range for today is among the major support at 98.00 and the major resistance at 103.60.

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

Previous Report

Weekly Report

Support100.70100.4599.8599.0098.20
Resistance101.95102.20102.75103.55104.55
RecommendationBased on the charts and explanations above our opinion is staying aside, and monitoring oil around the mentioned level for more confirmation for the next move.