Morning Report

Crude pushed to retest the breached support level for the ascending short term channel that has currently turned into resistance at 73.15. The negative pressure is still effecting crude, due to the effect of the minor descending channel that is controlling intraday trading; therefore we expect a bearish intraday trend that targets 70.50 then 69.50 and requires the daily closing to be below 73.15 to prevail.

The trading range for today is among the key support at 70.50 and the key resistance at 74.50.

The general trend is to the downside as far as 79.20 remains intact with targets at 61.60.

Previous Report Weekly ReportSupport72.3571.6071.3070.5069.50Resistance73.1573.7574.5075.0075.35RecommendationBased on the charts and explanations above our opinion is selling the pair from 73.15 targeting 71.60 and stop loss above 74.50, might be appropriate.