Morning Report

Crude continued trading from yesterday aroundcluster support for the bullish medium term direction appearing above. The descending short term channel continues its negative pressure on crude, but minor support levels are pushing crude and protecting the bullish direction, while maintaining chances of rebound and trade above the breached main support that is at 73.95. We are need for more assurance through observing the daily close for the mentioned support level to specify the direction more accurately; therefore we recommend waiting for a clear signal to insure the breach of support and return to trade above it.

The trading range for today is among the key support at 71.80 and the key resistance at 75.40.

The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.

Previous Report

RecommendationBased on the charts and explanations above our opinion is to avoid trading awaiting more confirmation signs for the pair’s direction, might be appropriate.