Morning Report

Crude does not seem to have enough bearish momentum to breach 80.15, which makes us recommend remaining neutral today and following up on crude, until the breach of this levels to the downside or the temporary breach of 81.35 shown in the image above. We still think that the bearish direction will prevail, but despite of this we will remain neutral until the direction is insured.

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 to avoid trading awaiting more confirmation signs for the pair’s direction, might be appropriate.