Morning Report

Crude continued its ascending movement since yesterday, assuring the return to the bullish direction strongly, where the current bullish wave is moving within the short term ascending channel, shown in the side image above. However, after touching the resistance for this channel, we can expect the pair to reverse in a bearish correction, to unload negative momentum, targeting 76.00 before resuming its general upsidejourney. From here we can expect a bearish correction for today, touching 76.00 and then rebounding to the upside to target 82.50. The short bullish direction will remain intact as long as trading remains above 76.00, where the general bullish direction will prevail if 73.30 remains intact.

The trading range for today is among the key support at 73.30 and the key resistance at 82.50.

The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.

RecommendationBased on the charts and explanations above our opinion is selling oil with the breach of 77.35 and targeting 76.00 and stop loss above 78.15, might be appropriate