Morning Report

Although there are no obvious new technical signals; we noticed that price is fluctuating around the main support for the descending channel and the exponential moving averages. Stochastic is within oversold area and attempting to crossover positively, while RSI tends to move upwards. Thus, we think there will be an upside attempt today for a correction, and requires steady four-hour closing above 100.60.

The trading range for today is expected among the major support at 99.00 and the major resistance at 103.35.

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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Weekly Report

 
Support101.20100.60100.0099.6099.00
 
Resistance101.70102.00102.80103.00103.35
 
RecommendationBased on the charts and explanations above our opinion is buying crude around 101.20 and take profit at 102.00,102.80 and 103.35. Stop loss with 4-hour closing below 100.60 might be appropriate.