Morning Report

Crude succeeded inconfirming yesterday's scenario, where itapproached the main target with a minor difference at 84.00. Crude is currently facing the recorded top on the 22nd of last month at 83.45, in addition to the negative signs appearing through momentum indicators. This could cause some expected minor bearish movement that is expected to touch the support linefor the ascending channel that organizes current intraday trading at 82.75, followed by a bullish rebound the expected; targeting first the breach of mentioned resistance then head towards 84.00 followed by 85.20. This scenario will not fail if the four-hour candlestick closing below 82.75. bullish trend of intraday can be actiavted

The trading range for today is among the key support at 81.50 and the key resistance at 85.20.

The short term trend is expected to the upside as far as 65.60 remains intact with targets at 85.00.

Weekly Report Previous Report

Support82.7581.9581.5080.9580.25
Resistance83.4584.0084.3085.2086.00
RecommendationBased on the charts and explanations above our opinion is buying oil with the breach of 82.75 targeting 84.00 and stop loss below 81.95, might be appropriate.