Morning Report

Crude continued its trading within the bearish channel, shown in image above, reaching its support after achieving thebearish technical pattern target, where crude succeeded in breaching its neckline at 78.00. The normal trading within the mentioned channel makes us expect a bullish direction over an intraday basis for today which targets 78.00 first and then moves more to the upside towards 80.50. It is essential that the daily close remains above 75.60 to maintain chances of achieving the awaited bullish direction.

The trading range for today is among the key support at 73.60 and the key resistance at 81.85.

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 76.60 and targeting 78.00 and stop loss below 75.60, might be appropriate