Morning Report for Crude Oil Futures for August Settlement
95.50 area halted any upside attempt for oil yesterday, as it's a very important resistance area, due to the descending resistance of the possible falling wedge formation (shown in red) in addition to a horizontal previous support turned now to be a good resistance. Oil was rejected more than once from the level, however stability above the 200 days SMA in addition to the possible falling wedge formation that was formed started from the top near 114.80 hints possible bullishness and a further rebound from current levels. Depending on these technical facts,we will remain neutral until we see a breach of 95.50 level over four-hour basis to turn bullish.
Trading range for the day is among the major support at 90.00 and the major resistance at 100.00.
The short term trend is to the downside with steady daily closing below 105.00, targeting 87.00.
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|Recommendation||Based on the charts and explanations above our opinion is buying oil with four-hour closing above 95.60 targeting 97.50 and 100.00. Stop loss with four hour closing below 95.30 may be appropriate|