Oil holds steady above the breached descending resistance and the 100 EMA, and that what keeps our positive expectations valid, however it is necessary that price trade back above 107.00 barrier. Momentum indicators are neutral as a result narrow fluctuations may continue until we see some directional momentum. We remind you that breaching 105.70 with steady trading may return the bearish picture.
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**
|Recommendation||Based 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.|