Morning Report

Crude succeeded in achieving the bullish technical scenario, mentioned in the midday report yesterday, where it managed to achieve the main target at 76.80 while targeting this level and achieving a daily closing above it. This makes us expect more possible bullish direction for today; targeting mainly 79.50, while noting the importance of resistance remaining at 78.15 could force crude to achieve some bearish correction, before continuing the expected bullish direction that requires trading tostabilize above 75.10.

The trading range for today is among the key support at 75.10 and the key resistance at 79.50.

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

Previous Report

More technical analysis

Support76.8076.0075.5075.1074.15
Resistance77.6578.1578.6579.5080.50
RecommendationBased on the charts and explanations above our opinion is buying oil from 76.80 targeting 78.15 and stop loss below 76.00, might be appropriate.