Morning Report: Crude Oil Futures for March Settlement

The pair rallied sharply yesterday to invalidate our bearish expectations, the current rebound approaches the main resistance for the downside trend, however stochastic is within overbought areas. The 20 and 50 exponential moving averages are attempting a bullish crossover, while price settles above them; on the other hand ADX hints the bullish move has weekend dramatically. Therefore, we prefer staying aside today, to monitor developments awaiting further confirmations.

The trading range for today is expected among the support at 94.80 and the resistance at 102.20 .

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

*New York Candlesticks*

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Detailed Analysis

RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmation.