Morning Report: Crude Oil Futures for March Settlement

The pair settled for a partial downside move towards 100.60, where it stopped at 100.84 to rebound and invalidate the continuation of the downside correction we expected. Breaching the main descending resistance for the bearish channel -shown on image- may be the catalyst for more positivity , at the same time, momentum indicators are within overbought areas; thus may lead to some downside correction and fluctuations. As a result, we prefer staying aside this morning as risk-reward is inappropriate.

The trading range for today is expected among the support at 99.00 and the resistance at 105.25.

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

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