Morning Report

Crude is still attempting to achieve stability above pivotal resistance 80.70, with bullish technical pattern appearing in the image above. It is vital that trading remain above MA 50, while chances of it achieving the previously expected ascend intact; therefore we expect an bullish intraday direction that will be activated with the breach of 81.25 and targeting 82.00 then $83.20 per barrel. It is vital that the breach of 79.10 will weaken 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.

RecommendationBased on the charts and explanations above our opinion is buying oil from 80.35 targeting 82.00 and stop loss below 79.10, might be appropriate.