Morning Report

The bullish scenario mentioned in yesterday's reports has been activated, where it slightly neared touching the awaited main target at 81.00. Crude is currently touching the MA 50, while noting that the sideway range is between 78.00 and 80.70. Thus, encouraging us to expect a possible bullish intraday trend that requires a base to be built on 79.40; targeting 80.70 then 82.00. This expected ascend requires trading to remain above 78.00.

The trading range for today is among the key support at 77.25 and the key resistance at 82.00.

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

Previous Report Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying oil from 79.40 targeting 80.70 and stop loss below 78.00, might be appropriate.