Morning Report

Crude strongly breached the mentioned pivotal support yesterday around 91.15, pushing crude sharply to the downside finding a support around 88.85. Momentum indicators are oversold and weexpect a bullish intraday movement, due to the positivity on technical indicators in addition to retesting the strength of the breached 91.15. Keep in mind that breaching 88.85 paves the way towards the key ascending channel's support level around 86.45.

The trading range for today is among the key support around 87.70 and the key resistance around 92.80.

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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RecommendationBased on the charts and explanations above our opinion is buying crude around 88.85 targeting 91.15 and stop loss below 87.70, might be appropriate.