Oil Report
Midday Report
Crude is attempting to breach the resistance for the minor ascending channel, shown above. Momentum indicators are showing negative signs that make us expect it to return and touch the channel's support at 81.90 then reverse in possible further bullish movement over intraday basis that target mainly 84.30. It is vital that 81.00 remains intact for our expectations to prevail.
The trading range for today is among the key support at 81.00 and the key resistance at 84.30.
The general trend is to the upside as far as 65.60 remains intact with targets at 85.00.
Weekly Report Morning Report
| Support | 81.90 | 81.00 | 80.15 | 79.80 | 78.85 |
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| Resistance | 82.65 | 83.45 | 84.00 | 84.30 | 85.20 |
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| Recommendation | Based on the charts and explanations above our opinion is buying oil from 81.90 targeting 83.45 and stop loss below 81.00, might be appropriate. |