Morning Report : Crude Oil Futures forMarchSettlement
After touching levels around the main resistance for the descending channel -shown on image above-around 101.10, the commodity fell sharply, however with the start of the day it settled above the lower band for Bollinger's bands indicator again. Stochastic is touching oversold areas and that may result in another upside attempt. Also, trading settles above the horizontal support at 97.60 since a while, and this support rejected price more than once. Thus, a four-hour closing below 97.60 shall invalidate our intraday bullish expectations.
The trading range for the day is expected among the major support at 95.05 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.
*New york Candlesticks*
|Recommendation||Based on the charts and explanations above our opinion is buying crude around 98.50 targeting 99.60 and 100.60 , stop loss and reverse order with four-hour closing below 97.60 targeting 96.50 and 95.05 with stop loss four-hours above 98.50.|