Morning Report

Crude managed to achieve the breach of the ascending short term channel in an attempt to achieve more bearish correction, but the correctional level of23.6% seems to be showing signs of a bearish technical pattern that is still forming. Momentum indicators are showing different points of views, thus maintaining an unsure state from crude's direction today. From here, we recommend observing trading today since the breach of 85.25 will lead it to initially reach 84.15; whereas the breach of 86.55 will bring back the bullish trend pace that targets mainly levels above $89.00 per barrel.

The trading range for today is among the key support at 84.15 and the key resistance at 88.00.

The short term trend is expected to the upside as far as 65.60 remains intact with targets at 88.00.

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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.