Morning Report

Crude managed to achieve some bullish correction yesterday; whereas the daily closing was below 61.8% Fibonacci correction - at 76.25 - this maintains the negative pressure intact. From here, we expect more bearish intraday movement that targets 74.50 initially, and requires the daily closing to remain below 76.25.

The trading range for today is among the key support at 73.65 and the key resistance at 77.20.

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

Previous Report Weekly ReportSupport75.1574.5073.6572.7572.40Resistance76.0076.2577.2078.3578.65RecommendationBased on the charts and explanations above our opinion is selling oil from 76.00 targeting 74.50 and stop loss above 77.20, might be appropriate.