Morning Report

Crudeinclined, touching50% Fibonacci correctional levelthat has turned into resistance after it has previously been breached, but will lead to a quick descend to trade once again within the mentioned bearish channel in yesterday's reports below 61.8% Fibonacci. Therefore, the suggested bearish trend scenario will remain intact, where a bearish intraday direction is expected; targeting 69.50 mainly that require the daily closing below 73.00 to prevail.

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.

Previous Report Weekly ReportSupport71.4571.0570.1569.5069.15Resistance72.0572.8073.5574.3575.25RecommendationBased on the charts and explanations above our opinion is buying crude around 72.05 targeting 70.15 and stop loss above 72.80, might be appropriate.