Morning Report

Crude succeeded in achieving the bearish correction scenario, shown in last Friday's reports, where it managed to build a base on levels around 76.30 and push to the upside once again, and attacking resistance level for the ascending channel that organizes present trades. We expect a similar scenario today, with some minor bearish correction and a base built on 77.80 and then achieve a possible ascend over an intraday basis; its main targets start at 78.65, followed by79.35 zones. The bullish direction will prevail if 77.10 remain intact.

The trading range for today is among the key support at 76.75 and the key resistance at 81.00.

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 77.80 targeting 78.65 and stop loss below 77.10, might be appropriate.

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