Morning Report

Crude returned naturally to attempt some bullish correction to retest breached pivotal support from yesterday, while is currently ascended to 83.75 - June rollover of the Oil future contracts -.Stochastic is entering overbought areas and therefore insuring the strength of current resistance. Therefore, we see that the expected trend today is bearish over an intraday basis; key technical targets are at 80.35. Chances of achieving these expectations depend on remaining intact below 84.85.

The trading range for today is among the key support at 85.25 and the key resistance at 80.35.

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

Previous Report Weekly ReportSupport82.9082.1081.4080.3579.50Resistance83.7584.3584.8585.5585.90RecommendationBased on the charts and explanations above our opinion is selling oil from 83.75 targeting 82.10 and stop loss above 84.85, might be appropriate.