Weekly Report16-20 April
The commodity failed to breach 104.30 level, which is the previously breached support level for a bearish technical pattern alongside the 50-day simple moving average. Meanwhile price retreated to trade back below 103.35 breached support; which is a negative sign. On the other hand the commodity is trading within the main ascending channel shown on image, thusdownside pressure is expected to continue; however bearishness should find support around the ascending trend line of the channel and 100.00 mark, where only steady trading below this level shall signal further downside.
The trading range for this week is expected among the major support at 99.60 and the major resistance at 106.00.
The short-trend 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 our opinion is selling crude around 103.30 targeting 102.50 and 101.50. Stop loss four-hour closing above 104.25.|