MorningReport: Crude Oil Futures for March Settlement
After touching areas around 100.00, the price has soared once more proving that crude has penetrated the upper line of the descending channel. Now, we can see stability above 100.60 levels while ADX indicator is showing regular strength of the uptrend. Stochastic is showing positive overlap despite approaching overbought areas. To recap, stability above 100.60 and 100.00 levels argues us to suggest further bullishness; noting that RSI 14 is on its way to give off negative sign and that may make breaching 100.00 levels affect the price negatively.
The trading range for today is expected among the support at 97.60 and the resistance at 103.00.
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 buying crude around 101.10 targeting 102.20 and 103.35 , stop loss with four-hour closing below 100.00 might be appropriate.|