The commodity fell yesterday, to trade back among the 20,50 and 100 Exponential moving average, indicating a bearish reversal after testing the ascending support(colored in brown) which was breached previously and turns into resistance now. Meanwhile, price is facing the initial support levels at 103.00 and 102.80 that precede the support of point D for the butterfly pattern around 102.00. Stochastic has entered oversold area, thus may lead to another upside attempt supported by trading above the descending support of the downside biased range above point D.
The trading range for this day is expected among the major support at 101.20 and the major resistance at 105.90.
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 103.00 and take profit at 103.90,104.75 and 105.25 , stop loss below 102.00 might be appropriate.|