Morning Report

Crude managed to breach support for the symmetrical triangle that targets resuming the original bearish trend naturally. Yesterday's daily closing was below the pivotal level 70.10 by five points, thus encouraging us to expect more bearish intraday movement that requires a clear breach of 69.15, in addition to trading stabilizing below 70.10. The awaited technical targets will start at 67.65 then towards $66.00 per barrel.

The trading range for today is among the key support at 66.80 and the key resistance at 71.65.

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

Previous Report Weekly ReportSupport69.1568.2567.6566.8066.00Resistance70.1070.7071.1071.6572.15RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 69.15 targeting 67.65 and stop loss above 70.10, might be appropriate.