Weekly Report 23-27 April
Crude has been trading within this short term descending channel since weeks, however the commodity is trading within a longer term ascending channel since months, thus the overall bullish outlook for the commodity remains intact. However, with stability below the 50-days SMA in addition to 105.00 resistance area we prefer to remain neutral over the short time horizon.
The trading range for this week is expected among the major support at 100.00 and the major resistance at 108.00.
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 we recommend staying aside awaiting more confirmation.|