July Crude Oil: Crude reversed intra-day losses on Thursday off of its 13-day uptrend line which crossed at the 9846 lows to end the session up 11 cents at 10040. The close above 10000 puts prices over moving average congestion in the 10000 to 9950 range which generates a Flat to Higher bias to start the session off. However, if rallies are unable to top 10100, fresh selling is likely to come in. Additionally, failures to hold 9950 shifts gears to the downside for retesting of Thursday's low at 13-day uptrend while threatening a significant drop today.

Heading into the pit session open, buyers can lightly trade the 10000-9950 S1 Support zone with Stops below 9935 suggested. Target is 10040 Settlement up to 10093-10100 R1 Resistance. A punch through 10100 renews Bull forces sending trade back to 10190-10235 R2 to 10331-10340 R3 Resistance targets. Trade and/or close above 10340 has Bullish implications for next week.

On the downside, sellers can trade off of the 10093-10100 R1 Resistance zone with Stops above 10115 suggested. Cover within the 10000-9950 S1 Support zone. Trade below 9950 triggers drives into the 9885-9820 S2 Support zone. Rallies from here can be sold into against 9950-10000 while a punch through 9820 clears the way to 9745-9718 S3 to 9675-9637 S4 lower targets.

Daily Chart:

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