After the sharp decline to levels below 103.90 yesterday, the commodity rebounded to form a bullish candlestick formation around 104.80. This formation hints the commodity may failed to breach the main support of the technical pattern colored in pink. Meanwhile, we cannot count on the candlesticks formation over intraday basis unless we see a breach above 107.00-107.60. Thus we prefer staying aside this morning awaiting confirmations.
The trading range for today is among the major support at 103.35 and the major resistance at 108.85.
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 we recommend staying aside awaiting more confirmation.|