The bullish move stopped yesterday where oil returned to trade among 107.00-106.45; Stochastic is negative at the time MACD is positive, and the commodity settles above the 20, 50 and 100 EMA. Thus, we may see another upside attempt today, while the bullish bias requires 104.75 to remain intact and preferably 105.90.
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**
|Recommendation||Based on the charts and explanations above our opinion is buying crude around 106.45 targeting 108.00,109.40 and 110.15. Stop loss four-hour closing below 105.90.|