Morning Report: Crude Oil Futures for February Settlement
Oil dropped yesterday printing a low at 100.50, however trading remain fluctuating among a range bound after breaching the ascending support of the bearish technical pattern shown on image, the upper limit of this range is 103.35, while to the downside 100.10 should form a good support. In general, this ranging stance is set to continue unless we see a sustained breach of this range with steady trading below 100.00. Therefore, we expect an upside rebound today as price have reached near the lower limit of this range.
The trading range for the day is expected among the major support at 99.60 and the major resistance at 104.00.
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 buying crude around 100.10 and take profit at 101.10 and 102.50 stop loss with 4-hour closing below 100.00 might be appropriate.|