Morning Report

The commodity touched areas above 105.00 to reverse direction as anticipate, now heading towards the short term ascending support for the minor possible ascending channel shown on image. In general, the commodity continues to trade within the main descending channel, and daily closings remain steady below 104.50 resistance level. Thus we will continue to favor the bearish bias until we see a clear breach above the aforementioned barriers, but for the morning we wil wait for a better entry level as the risk to reward at the current levels is inappropriate.

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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RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmation.