Although price declined yesterday; it retraced to settle back among 103.00-101.20; this area is very critical in determining the next possible direction for the commodity. Stochastic has formed a negative crossover, however without stability below 101.20 we prefer to stay aside today as well.
The trading range for today 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.|