Morning Report

Crude returned to retest the broken resistance presently at 73.40, which meets the support level for the minor ascending channel that organizes the current short term trades. Yesterday's bullish trend is considered normal trading within the mentioned ascending channel. Thus; we expect a bullish direction for today building a base on 73.40 and targets 75.60 following 76.80. The bullish direction will prevail if 72.50 remain intact.

The trading range for today is among the key support at 71.80 and the key resistance at 76.80.

The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.

Weekly Report

A different overview on Oil -click here-.

RecommendationBased on the charts and explanations above our opinion is buying oil from 73.40 targeting 75.60 and stop loss below 72.50, might be appropriate.

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