Weekly Report

A clear breach above the main descending resistance for the continuation technical pattern colored in pink. This pattern may lead to resuming the bullish trend again, especially that price settled back above 107.00-107.60, which is an important harmonic levels (please check our midday report later for more details). We may see some fluctuations and a correction to retest 107.00 or maybe a little lower, however trading above 106.45 shall keep the positive bias intact within the upcoming sessions.

The trading range for the week is among the major support at 103.35 and the major resistance at 111.20.

The short-terd trend is to the upside with steady daily closing above 99.60, targeting 116.50.

**New York Candlesticks**

Previous Report

RecommendationBased on the charts and explanations above our opinion is buying crude above 107.00 targeting 108.85,109.80 and 110.50. Stop loss four-hour closing below 105.90.