The key support level for the ascending channel remained intact in front of crude oil's constant attempts to decline, to push the price to the upside and halt at the 61.8%correctionfor the last downside wave, seen in the image above. It appears thatcrude is leadingthe upside; thus, continuing the general upside trendwithin the main ascending channel (shown in the secondary image), while taking into consideration that achieving this upside movementsrequires some key terms; first the breach of 71.15 (correction 61.8%), the second is breaching the minor resistance level at72.40 (the key resistance for the minor descending channel, which could force the price to decline once again), and the third being the most important would be closing daily trading above 68.15.
The trading range for today is among the key support at 67.00 and the key resistance at 75.00.
The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.
|Recommendation||Based on the charts and explanations above our opinion is buying oil with the breach of 71.15 To 72.10 and stop loss below 70.20, might be appropriate.|