Morning Report: Crude Oil Futures for April Settlement

Oil rebounded from 107.60 areas, which is the support of the ascending channel shown on the hourly chart above. Holding above this level hints that we may see bullishness resume today, please review our previous reports for more details about this important classical and harmonic level. Steady trading above 108.30 shall support the bullish scenario.

The trading range for the day is among the major support at 105.25 and the major resistance at 111.00.

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

**New York Candlesticks**

Previous Report

Weekly Report

 

Support
108.00
107.60
107.10
106.30
106.00

 

Resistance
108.5
109.40
109.80
110.15
111.00

 

Recommendation
Based on the charts and explanations above our opinion is buying crude around 108.00 and take profit at 109.40 and 110.15 stop loss with 4-hour closing below 107.10 might be appropriate.