Oil Report
Midday Report
Crude pushed upwards to touch the resistance for the minor ascending channel within the short term bullish channel. The negative signs on momentum indicators make us expect natural trading within the channel; therefore we await a minor descend to touch 81.50, followed by a bullish rebound to continue the expected bullish intraday direction. The initial target is at 82.50 followed by 83.45; trading must remain above 80.70 for our expectations to prevail.
The trading range for today is among the key support at 80.15 and the key resistance at 83.45.
The general trend is to the upside as far as 65.60 remains intact with targets at 85.00.
Weekly Report Morning Report
| Support | 81.50 | 81.00 | 80.15 | 79.80 | 78.85 |
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| Resistance | 82.45 | 82.70 | 83.45 | 84.00 | 84.50 |
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| Recommendation | Based on the charts and explanations above our opinion is buying oil from 81.50 targeting 82.45 and stop loss below 81.00, might be appropriate. |