Morning Report: Crude Oil Futures for January Settlement

Bulls were hit harshly yesterday as the commodity fell sharply after testing 103.35-which is the ascending resistance we mentioned yesterday and shown above-to print a low of 98.05. The sharp decline was stopped at the weekly pivot and the ascending support that carried price starting from 75.00. we may see attempts to the upside this morning affected by the two technical levels we mentioned , but we should take into consideration that breaching the trend line and 97.80 will signal further selloff in the near term.

The trading range for the day is among the major support at 96.00 and the major resistance at 102.00.

The short-term trend is to the downside with steady weekly closing below 105.00 targeting 65.00.

*The provided chart based on GMT+2*

Previous Report

Weekly Report

Support98.1097.4096.8096.2595.50
Resistance99.0099.70100.10101.00101.50
RecommendationBased on the charts and explanations above we recommend buying oil around 98.15 targeting 99.50 and 100.10. Stop loss and reverse order with four-hour closing below 97.80 targeting 96.35 and 95.35 with stop loss four-hour closing above 98.70