Failure to hold below the neckline of the double top pattern is the reason behind the current rebound after touching levels around 104.40 support. This rebound is still limited below 106.45 until now, and also below 107.70. Therefore, we expect the commodity to attempt to the downside again, and steady trading below 105.90 will support our expectations.
The trading range for the day is among the major support at 103.35 and the major resistance at 108.85.
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 our opinion is selling crude below 105.90 and take profit at 104.75,104.40 and 103.35. Stop loss with four-hour closing above 106.45 might be appropriate.|