Morning Report
Oil declined affected by the main descending resistance of the bearish trend that started from 110.54 top as shown on image. This main resistance is located around 105.35 where any trading below this level shall keep the bearish trend intact. Meanwhile, there are two possible harmonic patterns, thus supporting the downside bias where trading below 104.25 keeps the bearishness in favor.
The trading range for today is expected among the major support at 99.50 and the major resistance at 105.35.
The short-trend trend is to the upside with steady daily closing above 99.60, targeting 116.50.
**New York Candlesticks**
Previous Report
Weekly Report
| Support | 102.80 | 102.00 | 101.70 | 101.20 | 100.60 |
| Resistance | 103.00 | 103.40 | 103.80 | 104.25 | 104.75 |
| Recommendation | Based on the charts and explanations above our opinion is selling crude below 103.40 targeting 102.00 and 101.20, stop loss above 104.25. | ||||
Most Popular Slideshows
'Game of Thrones'-like Film, 'The Queen of the Tearling,' Casts Emma Watson as Lead Star and Exec Producer [PHOTOS]
Kim Kardashian Baby Girl: Suggested Ways Kanye West’s New Born Can Earn Money to Keep Up with the Kardashians [PHOTOS]
Asus Transformer Infinity Pad, Sony Vaio Duo, Toshiba Satellite, A Look at Intel's Haswell 4th Generation Ultrabooks and Notebooks [Photos]
'Fifty Shades of Grey' Movie Casting: Selena Gomez Open to Nude Role, Ready for Anastasia Steele? [PHOTOS]
