Midday Report

Crude oil price is trading to the downside since this morning, forming a bearish technical patternwith aneckline at 70.80; this pattern is to support the downside correction, which does not surpass 70.00, then to trade upwards to continue its short term intraday upside journey expected fort today. The main target is breaching 71.85 resistance level , to openthe way to achieve the chief targets to the upside, which start from levels 74.90 dollar per barrel. The upside will prevail as far as 69.00 remains intact.

The trading range for today is among the key support at 67.65 and the key resistance at 75.00.

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 buying oil with the breach of 71.85 To 73.00 and stop loss below 70.40, might be appropriate