Morning Report

The rally yesterday managed to surpass 104.50 invalidating any intraday bearishness we were anticipating. Price now is heading towards an important swing high and horizontal resistance around 105.00 in addition to the descending trend line of the declining channel shown on image. Meanwhile, stochastic has entered overbought territory; thus we still see a potential for downside pullback today.

The trading range for today is expected among the major support at 100.70 and the major resistance at 105.50.

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

**New York Candlesticks**

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Weekly Report

Support104.20103.90103.35102.75102.00
Resistance105.00105.5010620107.00107.70
RecommendationBased on the charts and explanations above our opinion is selling crude around 105.50 targeting 104.5 and 103.50. Stop loss above 106.25 might be appropriate.