Morning Report

Crude achieved a sharp descend yesterday, after standing strong against the 50% Fibonacci correction and crude attempts to ascend, while downside movement halted at the previously recorded bottom level at 72.40. Momentum indicators are showing oversold signs that will maintain chances of achieving the bullish intraday. However, we recommend observing trading today, where we await a breach to one of the pivotal levels; support 72.40 or resistance 74.50, to insure the upcoming short term intraday direction.

The trading range for today is among the key support at 70.15 and the key resistance at 76.70.

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 to avoid trading awaiting more confirmation signs for the pair’s direction, might be appropriate.