Morning Report

We can see how price rebounded from the 61.8% Fibonacci level at 101.20 and attempting to settle again above 103.00 which the 50% level. However, stochastic has reached overbought area and that may prevent price from settling above the 50% level. In fact, overbought signs prevent us from expecting an upside move; on the other hand attempting to stabilize above 103.00 threatens the downside move. Thus, we remain neutral for today as well.

The trading range for this day is expected among the major support at 100.00 and the major resistance at 105.25.

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 further confirmations