Morning Report

Moving into the new May's contract has not changed the classical technical outlook, as price remain stable above 107.00-107.60 level, and above the 20,50 and 100 exponential moving averages, and above the key descending resistance of the technical pattern colored in pink. Thus we believe that further attempts to continue the bullish trend is probable, taking into consideration that we may see some fluctuations and correctional movements.

The trading range for the day is among the major support at 104.75 and the major resistance at 111.90.

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

**New York Candlesticks**

Previous Report

Weekly Report

Support107.60107.00106.45105.90105.25
Resistance108.00108.85109.40109.80110.15
RecommendationBased on the charts and explanations above our opinion is buying crude around 107.00 targeting 108.00,109.40 and 110.15. Stop loss four-hour closing below 105.90.