Morning Report: Crude Oil Futures for March Settlement
Price declined after testing again levels very close to 97.70, while stochastic has crossed over negatively and RSI settles below 50 , thus, hinting that the descending channel continues to affect price and may push it to continue the decline today. The exponential moving averages area negative as well, and forming resistance levels, these averages should remain intact for the suggested scenario to remain valid.
The trading range for today is expected among the support at 94.30 and the resistance at 99.00.
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 97.00 targeting 95.70 and 95.10. Stop loss with four-hour closing above 97.70|