Weekly Report: Crude Oil Futures for April Settlement

A bullish rally grabbed price to settle above 103.35, and that make us reconsider the bullish butterfly harmonic pattern, this pattern is behind the incline from 74.95 bottom towards the current levels, where a test of 107.60 is probable; 107.60 is the extended target 127.2% for the CD leg of the pattern. Any trading above 100.60 shall maintain the bullish bias this week.

The trading range for this week is expected among the support at 99.60 and the resistance at 110.10.

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

*New York Candlesticks*

Previous Report

Support103.70103.35102.80102.00101.10
Resistance106.00107.10107.60108.85109.40
RecommendationBased on the charts and explanations above our opinion is buying crude above 103.35 targeting 105.20,107.60 and 109.40. Stop loss with four-hour closing below 100.60 might be appropriate.