Morning Report: Crude Oil Futures for January Settlement

Oil successfully breached 100.30 level and rallied to print a high at 101.60 yesterday before retracing again to retest 100.30. Currently and after the correction, the commodity is attempting again to continue th bullish wave after completing a normal correction, therefore we expect the bullish attempts to extend further today, while steady trading above 100.30 is neccesary to maintain the upside bias.

The trading range fo 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.

The commodity touched 102.50 areas before reversing sharply again to trade below 101.00 level, and currently below the ascending support of the rising wedge formation, while RSI is currently flat at 50 points. Price is currently attempting to retest the breached ascending support, therefore, we will wait and see if the breach is reliable enough to expect an intraday downside move.

The trading range for the day may be among the major support at 95.50 and the major resistance at 104.00.

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

**GMT+2 Candlesticks**

Previous Report

Weekly Report

Support100.3099.7598.9098.2097.20
Resistance101.15101.70102.40102.85103.35
RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmation.