The major support level for the ascending channel appears to be holding up against oil's attempts to declinepushing crudetowards the upside,which we believe is an upside correction for the last bearish wave, seen on the side image, where we expect oil to be incapablefrom breaching69.00 to then return to the downside again, targeting major support levels between 67.60 and 67.00; as they forms the most vital levels that reverse themedium term trend towards the downside, as we mentioned in detail within our morning report. Our morning expectations remain intact, while we await the assurance with the daily closing below level 67.60.
The trading range for today is among the key support at 64.75 and the key resistance at 74.85.
The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.
|Recommendation||Our morning expectation remains valid|