The commodity breached 102.00 level thus invalidating our intraday expectations yesterday. Price touched the 61.8% Fibonacci correction at 101.20, and now retesting levels above 102.00, stochastic is showing an upside tendency , but price settles below the main support for the downside biased channel, therefore, we prefer to stay aside today and monitor how price reacts to the 61.8% level.
The trading range for this day is expected among the major support at 100.00 and the major resistance at 104.60.
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 we recommend staying aside awaiting more confirmation.|