Morning Report

Crude continued its negative pressure yesterday, according to our suggested scenario in our previous reports while continuing within the descending channel that controls trading for the bearish short term wave. Crude is currently fluctuating around the pivotal level 70.00; whereas we expect some bullish correction that will build a base on 70.50 then resume the bearish intraday trend; targets are mainly around 67.65 and point to stability below 71.50, which is vital to achieve intraday expectations. Meanwhile, the bearish short term wave will prevail if 73.25 remain intact.

The trading range for today is among the key support at 67.65 and the key resistance at 72.15.

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

Previous Report Weekly ReportSupport69.5069.0068.2567.6566.80Resistance70.5071.5072.1572.7073.25RecommendationBased on the charts and explanations above our opinion is selling the pair from 70.50 targeting 69.00 and stop loss above 71.50, might be appropriate.