Morning Report

Crude continues trading within a narrow range controlling it since the beginning of this week, while keeping in mind trading within the symmetrical triangle. Momentum indicators are currently neutral, thereby maintaining fluctuation for some time until enough positive momentum is achieved to support the expected bullish intraday direction targeting initially $94.00 per barrel. Note the importance of building a base above 90.70 to resume chances of these expectations continuing.

The trading range for today is among the key support around 89.85 and the key resistance around 94.00.

The short term trend is expected towards the upside as long as trading is above 84.00 with targets at 99.00.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying crude around 90.70 targeting 93.00 and stop loss below 89.85, might be appropriate.