Morning Report

Crude was able to achieve the main target between 80.70 - 81.10 and currently attempt some bearish correction to gain positive momentum, appearing clearlyon Stochastic. We expect a bullish direction for today and building a base on 80.10; targeting mainly $82.00 per barrel. The ascending channel appearingon the above image will organize the current bullish wave, which essentially requires trading to remain above its support -79.10- maintaining chances of achieving these expectations.

The trading range for today is among the key support at 78.00 and the key resistance at 83.20.

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

Previous Report Weekly Report

Support80.1079.8079.1078.8578.00
Resistance80.7081.1082.0082.7083.20
RecommendationBased on the charts and explanations above our opinion is buying oil from 80.10 targeting 82.00 and stop loss below 79.10, might be appropriate.