Morning Report for Crude Oil Futures for August Settlement

After testing the 95.00 numerously, oil failed to close and stabilize above 95.00, where a new bearish rising wedge formation has evolved over four-hour basis -as shown above- suggesting a possible continuation to the downside. However, the commodity is trading above the 50 SMA which may act supportive in the upcoming sessions, where RSI dropped back below 50 after crossing above the level yesterday, in the mean time we will hold onto our bearish expectations for oil , so long as the four-hour closing remains below 95.00 area

Trading range for the week is among the major support at 90.00 and the major resistance at 98.00

The short term trend is to the downside with steady daily closing below 105.00, targeting 87.00

Previous Report

Weekly Report

Support94.0093.3092.8092.2091.50
Resistance94.4095.0095.6096.1097.10
RecommendationBased on the charts and explanations above our opinion is selling oil around 95.00 targeting 93.20 and 91.60 Stop loss with four-hour closing above 95.50