Morning Report

Thebullishness thatcrude witnessed yesterday remained limited in trading below resistance 82.25, thus forming a new top that will increase the possibility of witnessing bearishmovements throughout trading today. The top that had been formed suggests a classical bearish technical pattern that will be complete; whereas returning to trade below 80.15 will increase the bearish direction's clarity and insure it. Meanwhile, both RSI and Stochastic are supporting expectations for today, where negative signs are appearing on them.

The trading range for today is among the key support at 78.85 and the key resistance at 83.55.

The short term trend is expected 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 selling oil from 81.40 targeting 78.85 and stop loss above 83.55, might be appropriate.