Morning Report for Crude Oil Futures for September Settlement

Oil breached 99.20 area and our first target, and accelerated to surpass the latest high at 99.60 and printed a new high around 100.15 , by stabilizing above 99.20 we expect oil to continue the upside move toward our potential first target of the 0-5 pattern near 100.80-101.00. by breaching 99.20 the commodity successfully breached the ascending triangle shown in image,and this supports our bullish expectations,trading below 98.70 may delay the move and send the commodity lower toward 97.00 area. trading below 97.00 shall invalidate our short term bullish expectations.Trading range for the day is among the major support at 97.00 and the major resistance at 103.00.The short term trend is to the downside with steady daily closing below 105.00, targeting 87.00.

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Recommendation We also recommend buying oil around 98.90 targeting 100.75 and 102.75, stop loss with four-hour closing below 98.70 may be appropriate.