Morning Report: Crude Oil Futures for January Settlement
The commodity's trading range is getting narrower, just above the 200 days SMA in addition to the neckline for a bearish technical pattern we mentioned yesterday around 95.40. yesterday, oil retested the level one more time but failed to breach it , on the other hand trading below the breached ascending trend line (colored in brown) and stability below 100.00 keeps the downside bias intact. therefore, we will continue to stand on the sideline awaiting a breach below 95.40 to expect further bearishness.
The trading range for the day is among the major support at 93.00 and the major resistance at 99.60.
The short-term trend is to the downside with steady weekly closing below 105.00 targeting 65.00.
*New York Time Candlesticks*
|Recommendation||Based on the charts and explanations above we recommend selling oil with four-hour closing below 95.40 targeting 94.50 and 93.00, stop loss with hourly closing above 96.60|