Weekly Report (February 27- March 2): crude oil futures

Crude oil closed last week above 107.60, which represents 127.2% Fibonacci of the CD leg of the bullish Butterfly harmonic pattern and now 161.8% Fibonacci of the same leg became available. Our next target is at 116.45, but momentum indicators are excessively overbought, which could trigger heavy fluctuations and maybe slight downside corrections, but any trading above 107.60 supports the upside move to remain valid.

The trading range for this week is among the major support at 105.25 and the major resistance at 114.80.

The short-term trend is to the upside with steady daily closing above 99.60, targeting 116.50.

**New York Candlesticks**

Previous Report

RecommendationBased on the charts and explanations above our opinion is buying crude above 107.60 and take profit in stages at (109.80, 111.00 and 112.85) and stop loss with 4-hour closing below 105.25 might be appropriate.