Morning Report

The commodity rallied yesterday, however we seen now negative signs on momentum indicators and that may push price to retest around 102.80 support and maybe slightly lower. But stability above 102.00 could be the catalyst for another upside attempt to stabilize back above 103.40 and 103.80 to head towards the main resistance for the descending channel.

The trading range for today is expected among the major support at 101.20 and the major resistance at 105.90.

The short-trend trend is to the upside with steady daily closing above 99.60, targeting 116.50.

**New York Candlesticks**

Previous Report

Weekly Report

Support103.00102.80102.00101.70101.20
Resistance103.40103.80104.40104.75105.25
RecommendationBased on the charts and explanations above our opinion is buying crude with four-hour closing above 103.40 targeting 104.25 and 105.50. Stop loss hourly closing below 102.50