Morning Report

Oil declined. and now it settled back below 107.00-107.60, however price remains steady above the main descending resistance of the technical pattern, which we mentioned previously that it turned to be a bullish continuation pattern. RSI is trading back below 50, while Stochastic is attempting to go positive. On the other hand, we still need to see price settles back above 107.00 to support a bullish move again, mentioning that breaching 105.90 shall lead to further downside pressure.

The trading range for the day 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**

Previous Report

Weekly Report

Support106.45105.90105.25104.75104.40
Resistance107.00107.60108.00108.85109.40
RecommendationBased on the charts and explanations above our opinion is buying crude with four-hour closing above 107.00 targeting 108.00,109.40 and 110.15. Stop loss four-hour closing below 105.90.