Midday Report: Crude Oil Futures for February Settlement
As shown on chart, after breaching the bearish technical pattern, oil bottomed at 100.10 before rebounding again to retest the previously breached support of the pattern and the major 103.35 resistance where the downside pressure resumed. Oil pulled back slightly this morning to test areas around 102.50, however, we anticipate resuming the bearish wave for a possible retest of 100.10 near term support again supported by the latest breach of this bearish pattern and 103.35 ceiling.
The trading range for the day is expected among the major support at 99.60 and the major resistance at 104.00.
The short-term trend is to the downside with steady daily closing below 105.00, targeting 65.00.
**GMT+2 Candlesticks**
| Support | 101.70 | 101.00 | 100.60 | 100.00 | 99.50 |
| Resistance | 102.70 | 103.35 | 104.00 | 104.50 | 105.00 |
| Recommendation | Based on the charts and explanations above our opinion is selling crude around 102.75 and take profit at 101.70 and 100.15, stop loss with four-hour closing above 103.40 might be appropriate. | ||||
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