Morning Report: Crude Oil Futures for February Settlement
Fluctuations among the previously breached technical bullish pattern and 103.35 continue, among 101.00-103.35 levels, where oil failed to print a daily closing above or below those levels. Yesterday, price was rejected at 103.35 to reverse and end the day lower and this is clear by the long upper shadow of yesterday's candle. Momentum indicators remain lagging price; accordingly we may see further downside attempts today.
The trading range for the day is expected among the major support at 99.60 and the major resistance at 104.50.
The short-term trend is to the downside with steady daily closing below 105.00, targeting 65.00.
|Recommendation||Based on the charts and explanations above our opinion is selling crude around 103.30 and take profit at 102.50 and 101.00 stop loss with daily closing above 104.00 might be appropriate.|