Weekly Report(06-10 Feb) : Crude Oil Futures for March Settlement
The bullish rebound was halted among areas below the 50-EMA, where price reversed toward levels below 97.60-97.70 and below the 20-EMA. Stochastic has crossed over negatively, and ADX is indicating the bullish trend has weakened dramatically. Accordingly, we think a bearish move is probable this week. Taking into consideration that steady trading above 100.60 may negate the downside possibilities.
The trading range for the day is expected among the major support at 92.60 and the major resistance at 100.60.
The short-term trend is to the downside with steady weekly closing below 105.00, targeting 65.00.
*New York Candlesticks*
|Recommendation||Based on the charts and explanations above our opinion is selling crude below 97.70 targeting 96.80,95.10 and 94.20. Stop loss with four-hour closing above 99.00|