Morning Report

Crude oilfluctuated yesterday around the neckline for the bullish technical pattern, which was pointed out yesterday, where it is trying to remain above it (currently at 72.05). The stochastic indicatorshows overbought signs, which keeps the fluctuation between 72.05 and 72.35, in an attempt to gather enough bullish momentum to support the expected intraday direction; targeting 74.90 initially, then heading towards 80.00 dollar per barrel. The expected upside trendwill prevail if 69.60 remains intact.

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 72.35 To 74.90 and stop loss below 71.20, might be appropriate.