Morning Report

Crude continued its negative pressure on main support levels, to attempt to breach it, shown in the first side image. The daily close was exactly at main support - daily candle shown in the second side image -; thus, chances of the bullish direction's pace returning remains intact, especially with bullish positive signs coming from momentum indicators. From here we expect a bullish direction over an intraday basis for today, where its first main target is at 76.70 and requires 73.65 to remain intact to keep its possibility intact.

The trading range for today is among the key support at 72.40 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 with a breach of 74.25 targeting 75.60 and stop loss below 73.65, might be appropriate.