Morning Report for Crude Oil Futures for July Settlement
Oil stabilized above 94.45 level which is holding very well, this indicates that it might be the potential reversal zone of the bullish butterfly pattern shown on the right of the image, while this level is the 127.2% extended target of the CD leg of the bearish Bat pattern shown on the left. Stability above the mentioned level may be the reason for a possible upside movement during this session. Stability above 93.80 keeps the upside move possible.
The trading range for today is among the major support at 92.00 and the major resistance at 99.05.
The short term trend is to the downside with steady daily closing below 109.75 targeting 85.40.
Based on the charts and explanations above our opinion is buying crude around 94.45, and take profit in stages at 96.60 and 98.25. Stop loss with daily closing below 93.80