Morning Report

Crude continues its sideways range between support 81.95 and resistance 82.70 and is controlling crude's intraday trading, where it attempting to gain bullish momentum to support resuming the bullish wave. Therefore, we expect an overall bullish intraday direction that requires first a clear breach of 82.70; paving the way to head towards 83.45 then $84.00 per barrel. Keep in mind that the breach of 80.95 will weaken chances of achieving these expectations.

The trading range for today is among the key support at 80.25 and the key resistance at 84.30.

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 buying oil with the breach of 82.70 targeting 84.00 and stop loss below 81.95, might be appropriate.