Morning Report

Crude was able to achieve its first target, shown in yesterday's report, around 79.00 while trading stabilizes above this level in an attempt to closely near the resistance level for the bearish channel that organizes current trades around 80.25. We still see chances of achieving more upside movement towards the mentioned resistance, with a possible minor bearish correction; through which it will retest the horizontal resistance at 78.60 and then push towards the mentioned target. From here we still see that the expected bullish direction over intraday basis today will remain intact if we don't see four-hour closings below 78.60.

The trading range for today is among the key support at 75.60 and the key resistance at 82.85.

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 buying oil at 78.60 and targeting 80.25 and stop loss below 77.75, might be appropriate