Morning Report

The commodity clearly breached the support level we mentioned yesterday around 105.70 and settled below it, where it turns to be a resistance now around 105.60. Now, the downside bias is in favor over intraday basis, however we need a clear breach below 104.80 with four-hour closing, that could open the door towards 103.00 followed by 101.25, mentioning that a breach back above 105.60-106.20 shall resume the bullish trend again.

The trading range for the day is among the major support at 103.00 and the major resistance at 107.65.

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

Support105.25104.80104.40103.90103.25
Resistance105.60106.20107.00107.60108.00
RecommendationBased on the charts and explanations above our opinion is selling crude with four-hour closing below 104.80 targeting 103.00 and 101.25. Stop loss four-hour closing above 105.60