Morning Report

Crude continues trading within the ascending channel organizing the intraday bullishness as seen on the chart above; crude touched the channel's support level and breached the minor resistance at 88.70 further supporting the upside move though might be restricted by the negativity on Stochastic. We expect a bullish intraday direction initially targeting 90.50 in an attempt to surpass it towards 91.50 - 92.00. The 50 MA supports the upside trend from below.

The trading range for today is among the key support around 87.70 and the key resistance around 91.50.

The short term trend is expected sideways as long as trading is between 90.50 and 70.00 with weekly closings.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying crude around 88.70 targeting 90.50 and stop loss below 87.70, might be appropriate.