Morning Report: Crude Oil Futures for MarchSettlement

Midday Report: Crude Oil Futures for February Settlement

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Black gold is pushing to the upside since morning, attempting to test the resistance area we mentioned this morning, which managed to halt yesterday's rally. Stochastic continues to be lagging price action. In general, we hold onto our morning expectations.

The trading range for the day is expected among the major support at 98.00 and the major resistance at 102.40.

The short-term trend is to the downside with steady daily closing below 105.00, targeting 65.00.

Morning Report

Weekly Report

The commodity found resistance at 100.00 level, where it's currently fluctuating below the level, however it managed to settle above the 50-days SMA again. RSI is attempting to gather bullish momentum again and cross 50.00 threshold. A breach with steady trading above 100.00 shall extend bullishness towards 101.00 and 101.50 in the near term. Accordingly, we will stay aside this morning awaiting developments before the midday report.
The trading range for the day is expected among the major support at 96.50 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.
*GMT+2 Candlesticks*

Previous Report
Weeky Report

Support99.3098.3097.5096.8096.00
Resistance100.00100.90101.50102.00102.50
RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmation.