The commodity failed to print a four-hour closing above 107.002 so far. Meanwhile; trading settles above the 20, 50 and 100 exponential moving averages, where the latter forms a good support for price. On the other hand, the bullish technical pattern remains valid-colored in pink-, thus the upside move remains possible, but for today we will wait for a four-hour closing above 107.00 to support the possibilities of the bullish bias.
The trading range for the day is among the major support at 104.75 and the major resistance at 111.90.
The short-terd trend is to the upside with steady daily closing above 99.60, targeting 116.50.
Support: 106.45, 105.90, 105.25, 104.75, 104.40
Resistance: 107.00, 107.60, 108.00, 108.85, 109.40
Recommendation Based on the charts and explanations above our opinion is buying crude above 106.45 targeting 108.00,109.40 and 110.15. Stop loss four-hour closing below 105.90.
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