Morning Report for Crude Oil Futures for September Settlement

Oil is stuck within a narrow range since yesterday, trading is confined among 99.50-98.50 area. No big changes so far, and this is clear on RSI and MACD, as both lost their directional momentum. However If the commodity succeeds in breaching 99.50 over hourly basis, bullish momentum may accelarate and we might see a retest of the latest highs around 101.15 afterwards. On the downside 98.70 is still intact over hourly closing basis, a breach of this level may lead to deeper correction toward 96.70-97.00 area

Trading range for the day is among the major support at 96.60 and the major resistance at 101.50.

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

Weekly Report

Detailed Analysis for Crude Oil

Recommendation We recommend buying oil around 98.75 targeting 100.00 and 101.30 stop loss and reverse order with hourly closing below 98.70 targeting 96.80 stop loss hourly closing above 98.90