Midday Report: Crude Oil Futures for January Settlement
Downside pressure resumed again after 99.60 level proved its strength against the commodity’s upside attempts; currently, oil is attempting to retest the latest lows around 97.50 area while momentum indicators are pointing downwards however slightly lagging price action hinting a possible upside pullback may be on the horizon, in addition to that; a possible descending channel may be underdevelopment and the support of the this channel is located around 97.00. Accordingly, we expect a bullish intraday attempt from levels near 97.00 looking for near intraday targets.
The trading range for the week may be among the major support at 94.50 and the major resistance at 104.00
The short-term trend is to the downside with steady weekly closing below 105.00 targeting 65.00.
**GMT+2 Candlesticks**
| Support | 97.60 | 97.10 | 96.20 | 95.60 | 95.00 |
| Resistance | 98.50 | 99.00 | 99.60 | 100.30 | 101.00 |
| Recommendation | Based on the charts and explanations above we recommend buying oil around 97.10 targeting 98.00 and 99.60 , stop loss with four-hour closing below 97.00 | ||||
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