Near-term structure improves slightly, as the price breaks again above the triangle resistance and holds in the upper area of redefined range, as the floor is raised to 1666 zone, 06/05 Feb lows. With near-term focus being shifted higher, further range-trading could be anticipated, while the upper boundary at 1684 stays intact. Sustained break here is required to resume recovery rally from 1651, 28 Jan low that has so far been capped at 1684, recent tops and daily Ichimoku cloud base. Hourly 55 day EMA offers initial support at 1675, ahead of broken bear-trendline at 1670.

Res: 1681, 1684, 1690, 1695
Sup: 1675, 1670, 1666, 1661



The near-term indecision continues, as four consecutive Doji candles confirm absence of direction. As the price moves in a narrowing symmetrical triangle, as a part of larger uptrend, this could be described as continuation pattern, with expected break above 32.00, triangle resistance, seen as initial signal for breakout towards next significant barriers at 32.25 and 32.46. From the other side, downside break cannot be ruled out, as loss of initial support at 31.70, today’s low and triangle support, would push the price lower, with break below range floor at 31.60, required to confirm.

Res: 31.88, 32.00, 32.14, 32.25
Sup: 31.70, 31.60, 31.50, 31.37



Near-term price action returned to 97.00 zone, levels where oil traded before yesterday’s sharp fall to 95.00 breakpoint and subsequent swift recovery. This confirms 95.00 zone as strong support and keep the downside protected for now, but at the same time promotes 97.00 as strong barrier, Fib 61.8% of 98.22/95.03 that capped the price previously. As a result, the price may get congested between 97.00 and 96.30 range, before fresh attempt at 97.00, above which to open 97.47, Fib 76.4%. Conversely, slide below 96.30, would risk retest of 96.00/95.90 supports.

Res: 97.05, 97.47, 98.12, 98.22
Sup: 96.42, 96.00, 95.90, 95.50