Midday Report: Crude Oil Futures for January Settlement
The commodity has started to gather upside momentum again after a bullish divergence on RSI and Stochastic hinted possible upside attempts could be seen soon. Trading is steady above the daily pivot point at 98.20, further incline is possible, but in general, the downside pressure may resume again if price reaches 99.60 as this level is the weekly pivot point and a neckline for a double bottom formation, where if breached we may see a rally towards the latest highs near 102.00 area.
The trading range for the day may be among the major support at 94.50 and the major resistance at 101.50
The short-term trend is to the downside with steady weekly closing below 105.00 targeting 65.00.
**GMT+2 Candlesticks**
| Support | 98.35 | 99.00 | 99.60 | 100.30 | 101.00 |
| Resistance | 98.20 | 97.50 | 97.00 | 96.20 | 95.60 |
| Recommendation | Based on the charts and explanations above we recommend selling oil around 99.60 targeting 98.50 and 97.50 stop loss and reverse order with four-hour closing above 99.75 targeting 101.00 and 102.30 and stop loss four-hour closing below 99.00 | ||||
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