Oil Report
Midday Report
The pressures from momentum indicators have started to appear on crude, where it started to drop, as expected this morning which we await to touch 77.60 suport. From here our morning expectations remain intact for an intraday and short term bullish move targeting $85.00 per barrel; this upside move requires trading to remain above 76.20 to prevail.
The trading range for today is among the key support at 73.30 and the key resistance at 82.50.
The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.
| Support | 77.60 | 76.75 | 76.00 | 74.75 | 73.30 |
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| Resistance | 78.90 | 79.50 | 80.40 | 81.65 | 82.50 |
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| Recommendation | Based on the charts and explanations above our opinion is buying oil at 77.60 and targeting 78.90 and stop loss below 76.75, might be appropriate. |