Morning Report: Crude Oil Futures for April Settlement
The commodity rallied affected by the harmonic butterfly, the rally breached the 127.2% extension of CD leg at 107.60, and that may result in further bullishness within the upcoming period upto the extended target 161.8% for the pattern, passing by point A at 114.82. Steady trading above 107.60 is required for the bullish move to remain dominant and to negate the negativity seen on momentum indicators.
The trading range for the day is expected among the support at 105.25 and the resistance at 114.85.
The short-term trend is to the downside with steadyweekly closingbelow 105.00, targeting 65.00
*New York Candlesticks*
|Recommendation||Based on the charts and explanations above our opinion is buying crude above 107.60 targeting 108.80 and 110.15, stop loss four-hour closing below 106.30.|