Morning Report for Crude Oil Futures for September Settlement

Sharp decline drove the commodity toward 96.80-97.00 major support, oil breached the short term ascending support of the previously mentioned channel and the 50 day SMA and it's currently trading above 97.00 failing to maintaina four-hour closing below 97.00. RSI and MACD are negative and declining. Due to the sensitive level we will stay aside awaiting more confirmations, where by breaching 96.80-97.00 over four-hour basis more bearishness will be expected. Trading range for the day is among the major support at 94.00 and the major resistance at 99.50.The short term trend is to the downside with steady daily closing below 105.00, targeting 87.00.

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Detailed Analysis for Crude Oil

Support97.0096.5095.6095.0094.60
Resistance97.4097.8098.4099.40100.00
RecommendationBased on the charts and explanations above we recommend selling oil with four-hour closing below 96.80 targeting 95.00 and 94.00 Stop loss with four-hour closing above 97.30