Morning Report: Crude Oil Futures for January Settlement
The commodity was hit badly yesterday , to test the main support of the range bound we mentioned previously, thus, acquiring all our downside targets for yesterday. Breaching the short term channel show above in addition to steady trading below the 200-days SMA is a bearish signal, however we are still facing the important 95.00 range support level , accordingly, we prefer to wait aside for a breach below the aforementioned support to expect a downside move, preferably the breach will occur before our midday report.
The trading range for the day may be among the major support at 90.00 and the major resistance at 100.00.
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 staying aside awaiting more confirmation.|