Morning Report

Crude was able to achieve the awaited targets around 79.25 after breaching the pivotal resistance, shown in yesterday's report. It appears that signs of a bullish technical pattern, which is supposed to carry crude towards breaching the bearish resistance level at 80.30, in an attempt to exit from this channel and resume the bullish direction. However, there are chances of a minor bearish correction building its base on 78.00 and then ascend towards targets that start at 80.30 then 82.50. The expected bullish direction for today will prevail if 77.00 remains intact.

The trading range for today is among the key support at 75.50 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 buying oil at 78.00 and targeting 79.35 and stop loss below 77.00, might be appropriate