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.

Previous Report

Weekly Report

Support99.0098.6098.0097.1596.60
Resistance100.15100.70101.30101.75102.50
RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmation.