Morning Report

Crude till this moment has built a base on this 23.6% correction, shown above, where nothing will change our expectations since crude stabilizes below 83.55 below 82.25 today; the breach of 80.15 to the downside and remaining intact below it could cause a volatile bearish wave. These facts, alongside bearish technical pattern signs, are appearing through the image and make us expect a bearish direction for the remainder of trading today.

The trading range for today is among the key support at 77.55 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 80.50 targeting 77.55 and stop loss above 82.20, might be appropriate.