Weekly Report(30 Jan-03 Feb): Crude Oil Futures forMarchSettlement

Looking at the daily chart, oil settles above point C and the 88.6% Fibonacci correction for the CD leg of the harmonic butterfly pattern. Steady trading among those levels hints a sideways range especially that momentum indicators are biased to the downside, but the exponential moving averages remain positive. Accordingly, we will stay aside this week awaiting a breach of the range among 100.60 and 97.70, we advise you to follow our upcoming reports for more intraday analysis.

The trading range for the week is expected among the major support at 94.75 and the major resistance at 104.60.

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

*New york Candlesticks*

Previous Report

Support98.3097.7096.8096.0095.00
Resistance99.30100.60102.00102.80103.35
RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmation.