Morning Report: Crude Oil Futures for January Settlement
Trading continues to be within narrow ranges, without a clear up or downside bias, however, the short term bullish trend remains intact. Momentum indicators are illustrating the current neutral market conditions; we continue to expect these conditions to remain dominant so long as no major technical breakouts occur. For now, we expect upside rebounds near support levels for short term targets.
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.
|Recommendation||Based on the charts and explanations above we recommend buying oil around 99.70 targeting 100.70 and 101.80, stop loss with four-hour closing below 99.00|