Morning Report

Crude pushed strongly yesterday evening but the push halted at the retest level 70.10, which meets with the 76.4% Fibonacci correction level. Stochastic entered overbought areas; thus making us expect 70.10 to maintain its stance then head towards achieving the bearish intraday trend that targets mainly 67.65 that has become to represent the gate of return within the bearish path represented by the breached descending channel yesterday. It is vital that stability is below 70.10 to maintain chances of achieving the expected bearish direction.

The trading range for today is among the key support at 67.15 and the key resistance at 70.75.

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

Previous Report Weekly ReportSupport68.9568.2567.6567.1566.80Resistance70.1070.7071.1071.6572.15RecommendationBased on the charts and explanations above our opinion is selling the pair from 68.50 targeting 66.80 and stop loss above 69.45, might be appropriate.