Morning Report

Crude made numerous attempts to retest the breached neckline for the bullish technical pattern, shown in the image above, which is currently at 79.25; however, this level stood its grounds against these attempts, pushing crude to the upside, where in its role points towards completing the bullish intraday to achieve this patterns targets that are between 82.00 - 82.75. The bullish technical pattern over the short term intraday supports the possible bullish direction for today, adding to the 50 MA. Meanwhile, achieving this bullish trend requires the four hours to remains intact above 79.25.

The trading range for today is among the key support at 75.60 and the key resistance at 84.05.

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 79.75 and targeting 81.00 and stop loss below 79.25, might be appropriate.