Morning Report

Crude breached the critical support ,which was awaited yesterday at 75.15 and stabilized below it. Momentum indicators are trending lower and accordingly we expect an intraday downside move further expected with stability below the 50 MA; targets start from 73.15 then 72.35 while stability above 75.15 might delay the downside move.

The trading range for today is among the major support at 72.35 and the major resistance at 76.65.

The general trend is to the downside as far as 84.00 remains intact with targets at 61.60.

Previous Report

Weekly ReportSupport74.4073.5073.1572.9072.35Resistance75.1575.7576.7577.4077.70RecommendationBased on the charts and explanations above our opinion is selling oil around 75.15 targeting 73.15 and stop loss above 76.65 might be appropriate