Morning Report

Crude continued its bearish pressure to breach 61.8% Fibonacci correction for the final ascend that will start from 67.15 towards the recorded top at 79.90. This makes us expect more bearish intraday movement today, where targets start at 70.15; pointing to the possibility of witnessing some fluctuation due to the positivity appearing on momentum indicators before heading towards achieving the suggested bearish targets. Keep in mind the importance of stability below 72.80 to maintain chances of achieving expectations.

The trading range for today is among the key support around 69.50 and the key resistance around 73.55.

The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.

Weekly ReportSupport71.0570.1569.5069.1568.25Resistance72.0572.8073.5574.3575.25RecommendationBased on the charts and explanations above our opinion is selling crude around 72.05 targeting 70.15 and stop loss above 72.80, might be appropriate.