Morning Report

Crude was capable of breaching the Symmetrical Triangle's resistance at 79.20 which held trading since the beginning of the week and now crude has settled above that area. We expect sideways volatility to gain upside momentum enough to support the expectations for further intraday upside moves targeting the resistance level for the ascending channel at 80.60. The awaited upside move for today requires 78.40 to remain intact and breaching this level will drive oil lower towards 77.20.

The trading range for today is among the key support at 77.20 and the key resistance at 82.00.

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 79.20 to 80.60 and stop loss below 78.40 might be appropriate