Morning Report

Crude succeeded in achieving yesterday's awaited target at 78.00, where it is currently attempting to bearishly correction due to the strength of this level coming from it representing the neckline for the possible bullish technical pattern's scenario, shown in the image above. From here we await the bearish correction to end and touch 76.90 and then start its expected bullish intraday direction for today targeting first 79.60. Keep in mind that the bullish technical pattern targeting the breach of this level and achieve more upside movement towards $82.00 per barrel. The expected bullish direction will prevail if 75.80 remain intact.

The trading range for today is among the key support at 74.80 and the key resistance at 80.40.

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 from 76.90 targeting 79.60 and stop loss below 75.80, might be appropriate.