Morning Report

Crude succeeded inreaching the first awaited target at 80.35, with more negative pressure touching through it support for the descending channel at 79.00. The positivity of the momentum indicators could push to retest the breach 80.35 and then continue the bearish intraday direction; where next targets are set at 78.35. The breach of 81.25 will weaken chances of achieving these expectations.

The trading range for today is among the key support at 78.35 and the key resistance at 81.25.

The short term trend is expected to the upside as far as 65.60 remains intact with targets at 90.00.

Previous Report Weekly ReportSupport79.5079.0078.3577.2576.35Resistance80.3581.2581.7082.7583.05RecommendationBased on the charts and explanations above our opinion is selling oil from 80.35 targeting 78.35 and stop loss above 81.25, might be appropriate.