The commodity declined sharply yesterday, however it rebounded quickly to close the four-hour candle above the 20,50 and 100 EMA. Trading below the main descending resistance colored in pink maintains the bearish possibilities; meanwhile, we need a four-hour closing below 106.45 to support our negative expectations.
The trading range for today is among the major support at 103.90 and the major resistance at 110.15.
The short-terd 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 with four-hour closing below 106.45 targeting 105.90,104.80 and 103.90. Stop loss four-hour closing above 107.00|