Mid-day report

Crude oil pushed to the upside, influenced by trading within an ascending minor channel, shown in the image above, which we believe is forming a flag pattern; targeting the breach of its support level to continue the downside that it had started from levels 74.90. To achieve the expected downside for today, it is required that the minor resistance level remain intact at 69.90, where breaching this level to the upside cancels out the mentioned flag pattern, which majorly contributes to the support of the downward expectation.

The trading range for today is among the key support at 64.75 and the key resistance at 74.85.

The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.

RecommendationBased on the charts and explanations above our opinion is selling oil from 68.60 To 67.00 and stop loss above 69.45, might be appropriate.