Morning Report

Oilcontinued its narrow range trading due to the low volume amid the end of the year. The trading continue within the upside channel which is supported by SMA 50, thus we expect a bullish intraday direction with targets starting at $93.00 a barrel then $94.00, where reaching the mentioned targets requires stability above key support levels between 90.70-90.25.

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.