Morning Report : Crude Oil Futures for March Settlement

Oil touched the main support of the descending channel, and settled among levels below the important barrier at 97.70-97.60 and below the 20 and 50 EMA. However, price didnt settle below the main support for the channel, therefore, we may see a correctional rebound to retest 97.70 , as the bearish move has weakend as shown on ADX indicator, and RSI is attempting to reverse direction. Steady trading below 95.10 shall negate any possible bullish correction for now.

The trading range for the day is expected among the major support at 94.80 and the major resistance at 99.60.

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

*New York Candlesticks*

Previous Report

Weekly Report

Support96.3096.0095.7095.1094.80
Resistance96.8097.7098.5099.0099.60
RecommendationBased on the charts and explanations above our opinion is buying crude around 96.00 and take profit at 97.60 and 98.50 stop loss with 4-hour closing below 95.10 might be appropriate.