Morning Report

Crude managed to touch main targets awaited at the support level for the bullish direction currently at 75.15, where the descending channel managed to connect crude with this level successfully. From here we expect a bullish intraday direction for today that supports the bullish short term direction that initially targets resistance levels for the descending channel at 79.45; supported by positive signs appearing on the stochastic. This bullish direction requires the daily close to remain above 75.15.

The trading range for today is among the key support at 74.15 and the key resistance at 78.00.

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 75.15 targeting 76.90 and stop loss below 74.15, might be appropriate.