Morning Report

Crude continued trading around support level for the minor ascending channel that organizes current trades and support the bullish short term wave. The stochastic is showing positive signs that make us expect a bullish intraday direction that will start when pivotal resistance 82.00 is breached; where in its role paves the way to head towards $85.00 per barrel. Keep in mind the importance of 80.10 remaining intact for insure the bullish directions continuation.

The trading range for today is among the key support at 80.10 and the key resistance at 85.00.

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 the breach of 82.00 targeting 83.90 and stop loss below 81.20, might be appropriate.