Morning Report: Crude Oil Futures for February Settlement
Sharp moves dominated yesterday's session, where oil rallied to acquire our targeted area near 103.00 before reversing sharply again to breach the bearish technical pattern shown on image in addition to 100.10 support. Currently, price is testing the breached level again-which turns into resistance-after testing the main pivotal support at 98.50, but in general, trading remain within the same ranging stance. Today we may see another downside attempt as important technical levels were breached yesterday.
The trading range for the day is expected among the major support at 96.00 and the major resistance at 102.00.
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 selling crude around 100.80 and take profit at 100.00 and 98.50. Stop loss with four-hour closing above 101.80 might be appropriate.|