Morning Report

Crude oil was able to breach the pivot resistance at 71.85, after rebounding from the 50% correction at 70.95. What we need now is to ensure the breach with a fourh our closing above72.00, which represents the retesting of the breach of the neckline for the bullish technical pattern, shown in the chart above, to open the way to reach the first target around 74.90. The mentioned bullish pattern’s targets are around 76.60 as long as trading remains above 69.60 to maintain the expected upside movements.

The trading range for today is among the key support at 67.75 and the key resistance at 76.60.

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 from 72.00 To 73.45 and stop loss below 70.95, might be appropriate.