Weekly Report 02-06 April
Side-ways and narrow trading above the 50% Fibonacci correction and the main support for the downside biased range shown on pink. Price could be forming a harmonic butterfly, and stability above 102.00 keeps the pattern valid. Thus, a bullish correctional move this week is likely, the potential upside move depends mainly on 105.25 level, as failure to breach it will limit any upside, on the other hand above 105.25 the correction could extend to 107.00.
The trading range for this week is expected among the major support at 98.50 and the major resistance at 107.60.
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 103.00 and take profit at 104.80,105.90 and 106.45, stop loss with 4-hour closing below 102.00 might be appropriate.|