Morning Report

The commodity retested 103.35 resistance level to reverse slightly. Examining the daily chart; price has settled below 104.30-104-50 breached support of the bearish technical pattern shown on image, in addition to the 50-day SMA, while stochastic is neutral at the moment. We believe that stability below the aforementioned level keeps the bearish bias likely, eying a test of the bottom of the ascending channel.

The trading range for this day 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**

Previous Report

Weekly Report

Support102.75102.00101.00100.70100.00
Resistance103.35104.00104.50105.00105.50
RecommendationBased on the charts and explanations above our opinion is selling crude below 104.00 targeting 103.00 and 102.00. Stop loss four-hour closing above 104.50.