Crude oil fluctuated heavily last week forming a possible technical formation that might turn into a double top formation if 104.80 area is breached. At the same time, we can see that Stochastic is attempting to benefit from the main support for the ascending channel shown above, yet confirming the positivity is through stability above 20 MA and the 107.60 barrier. Since trading is stable between 104.80 and 107.60 we prefer staying aside and remain neutral in the weekly outlook awaiting more confirmation signals for the next move.
The trading range for this week is among the major support at 99.60 and the major resistance at 111.30.
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 confirmations.|