Morning Report

Crude managed to achieve a sharp decline due to the bearish technical pattern that had appeared yesterday evening, where the neckline has been breached at 79.30 to stop descending at main support 78.00. We recommend observing pivotal levels represented in support 78.00 and resistance 79.30; where the breach of resistance or support could pave the way to clear the crude's path. The breach of support will lead towards reaching 76.45, where the breach of 79.30 will carry crude towards levels around 80.70 then 81.75.

The trading range for today is among the key support at 76.45 and the key resistance at 81.75.

The general trend is to the upside as far as 65.60 remains intact with targets at 85.00.

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RecommendationBased on the charts and explanations above our opinion is buying oil with the breach of 79.25 targeting 81.00 and stop loss below 78.00, might be appropriate.