Morning Report: Crude Oil Futures for April Settlement
With a four hour closing below 107.60; the commodity invalidated the suggested bullish expectations in our previous report. The downside breach pushed price to settle above the 50 EMA which currently forms a good support for trading, while a positive crossover is seen on stochastic. On the other hand; stability below 107.60 is considered an intraday negative sign and may result in more downside action. Accordingly, we prefer staying aside awaiting further confirmations.
The trading range for the day is among the major support at 103.90 and the major resistance at 109.80.
The short-term trend is to the upside with steady daily closing above 99.60, targeting 116.50.
**New York Candlesticks**
|Recommendation||Based on the charts and explanations above we recommend staying aside awaiting more confirmation.|