Morning Report: Crude Oil Futures for April Settlement

Narrow trading is not unusual following the sharp bullish open for the week, we can see that trading remains above the minor support at 103.90 and 103.35; and that supports continuing the bullish wave to test areas around the resistance and the harmonic target 127.2% for CD leg of the butterfly at 107.60. For today; settling above 104.75 could keep the bullish bias intact without any deeper corrections.

The trading range for the day is expected among the support at 103.35 and the resistance at 107.60.

The short-term trend is to the downside with steadyweekly closingbelow 105.00, targeting 65.00

*New York Candlesticks*

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying crude around 105.25 and take profit at 106.60 and 107.60 stop loss with 4-hour closing below 104.40 might be appropriate.