Oil Report
Midday Report
Due to the effect of the bearish technical pattern over the hourly chart above, crude strongly breached the pivotal support at 80.70. Momentum indicators are showing positive signs that maintain chances for the expected bullish intraday trend intact. Meanwhile, the outlook will reverse to the downside if we witness four-hour closing below 80.45.
The trading range for today is among the key support at 79.70 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 | 79.80 | 79.10 | 78.85 | 78.00 | 77.25 |
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| Resistance | 80.70 | 81.30 | 82.00 | 82.70 | 83.45 |
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| Recommendation | Our morning expectations remain valid. |