Morning Report

Crude is gradually nearing support, mentioned yesterday, 82.00 - retest level - with the stochastic entering oversold areas; therefore making us hold onto yesterday's expectations that point to a possible bullish intraday direction; building a base on the mentioned support that targets mainly 84.50 and requires 81.40 to maintain chances of achieving it.

The trading range for today is among the key support at 79.90 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 from 82.00 targeting 83.65 and stop loss below 81.20, might be appropriate.