Morning Report: Crude Oil Futures forMarchSettlement

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

Oil rebounded sharply after testing 97.50-98.00 area once more, where its currently hesitating around the pivotal resistance at 100.00, this level could be a neckline for a bullish double bottom formation where if breached the nearest target will be at 102.00. Failing to hold below 98.00 level yesterday could keep the current ranging stance intact among the major 98.00-97.50 level and 103.00. For now, we will wait and monitor awaiting developments around 100.00 pivot before the midday report.

The trading range for the day is expected among the major support at 97.00 and the major resistance at 102.50.
The short-term trend is to the downside with steady daily closing below 105.00, targeting 65.00.
*GMT+2 Candlesticks*

Morning Report
Weeky Report

Support99.0098.3097.5096.8096.00
Resistance100.00100.90101.50102.00102.50
RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmation.