Morning Report

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**

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RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmation.