Morning Report

Crude succeeded in continuing to move to the upside, after building a base on the breached resistance level for the symmetrical triangle, previously mentioned, while noticing that a bullish wedge has started to form in the side image; showing pressure on minor support levels for it and therefore makes us expect a bearish correction for today; targeting the touch of support for the main ascending channel at 78.90 before resuming the bullish short term direction that will remain intact if the daily closing is above 78.90 areas.

The trading range for today is among the key support at 78.20 and the key resistance at 82.45.

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 selling oil from 80.20 targeting 78.90 and stop loss above 81.05, might be appropriate.