Morning Report: Crude Oil Futures for January Settlement
The commodity found resistance at the descending resistance of the descending triangle formation, to reverse course again, trading remain above the critical support areas as well around 95.50 and the 200 days SMA where the trading range is getting narrower. We anticipate a breakout in either direction sooner or later. Breaching above 97.20 could lead to further incline again while trading below 95.30 may result in more 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 buying oil with with hourly closing above 97.20 targeting 98.50 and 99.80 , stop loss hourly closing below 96.30 OR selling oil with four-hour closing below 95.30 targeting 94.50 and 93.00, stop loss with four-hour closing above 96.30|