Oil Report
Midday Report
Crude is trading with an upside bias since this morning, although it faces 75.00 as a barrier that is preventing it from currently ascending. Momentum indicators are giving off negative signs that may force crude to resume the bearish activity to descend and retest 74.40 mentioned this morning, before heading towards the expected bullish trend today. It is vital that the closing stabilizes above 74.00 in order to maintain chances of these expectations prevailing.
The trading range for today is among the key support around 72.70 and the key resistance around 77.00.
The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.
Midday Report
Weekly Report
| Support | 74.40 | 74.00 | 73.35 | 72.60 | 71.55 |
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| Resistance | 75.00 | 75.40 | 76.00 | 76.85 | 77.20 |
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| Recommendation | Based on the charts and explanations above our opinion is buying crude around 74.40 targeting 76.00 and stop loss below 73.35, might be appropriate. |