Morning Report: Crude Oil Futures for January Settlement

The commodity settled below 100.00 area, while, a possible rounding formation could be developing as shown on the chart , a breach above 100.30 could signal the continuation of the formation toward the high at 103.35. on the other hand breaching 97.10-97.30 to the downside could extend bearishness again initially toward 95.00 major support and the 200-days SMA. For now, we will wait for a breach of one of the aforementioned levels.

The trading range for the day may be among the major support at 95.50 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.

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RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmation.