Morning Report

Crude succeeded in achieving yesterday's suggested scenario flawlessly achieving primary targets, but rebounding to the upside due to momentum signs. The descending channel is still organizing the bearish correction that dominates trading; therefore we expect a bearish intraday trend , retargeting 81.75 areasthen attempting to surpass this level towards 80.35. Keep in mind that this scenario requires stability below 84.90 to prevail.

The trading range for today is among the key support at 80.35 and the key resistance at 84.90.

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

Previous Report Weekly ReportSupport82.9082.1581.7581.4080.35Resistance83.6584.1084.9085.2585.90RecommendationBased on the charts and explanations above our opinion is selling oil from 83.65 targeting 81.65 and stop loss above 84.90, might be appropriate.