Crude oil was able to achieve the awaited downside correction yesterday, to rebound from 70.25 and achieve the awaited target at 72.00; surpassing this level to touch levels 73.00 dollar per barrel. Today, we expect more inclines on an intraday basis, confirming the breach of 72.95 with a four hour closing above it to open the way towards the next target at 74.90. The stochastic is showing overbought signs, which pressures the price to attempt a minor downside correction that could touch 71.80 and then resume its expected upside journey. As long as trades remain above 70.55, the expected upside movement continues for today.
The trading range for today is among the key support at 67.40 and the key resistance at 76.00.
The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.