Morning Report

Crude fell sharply yesterday but returned to compensate for the losses through pushing upwards in a volatile manner and stabilizing above pivotal support currently ascending to 73.85. The base built above the MA 100 is an additional factor that encourages us to expect the bullish trend to prevail today; first main target is at 75.75. If stability is achieved below 72.45 we may need to reevaluate the bullish intraday trend.

The trading range for today is among the key support at 72.45 and the key resistance at 76.20.

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

Previous Report Weekly ReportSupport73.8573.3072.9072.4571.65Resistance74.9075.7576.0077.0077.85RecommendationBased on the charts and explanations above our opinion is buying the pair from 73.85 targeting 75.75 and stop loss below 72.90, might be appropriate.