Crude was able to achieve the expected target at yesterday at 71.55, where trading is restricted to trade between correction level 61.8% and 50% (71.55 and 71.00 in a row). We expect fluctuation to continue between these levels,in an attempt to rid of the negative momentum appearing on the stochastic; while gaining enough momentum to support the continue of the upside on the short term process, where the next target is at level $73.10 per barrel. It is vital that level 69.65 remains intact, to maintain the price'sexpectedupside.
The trading range for today is among the key support at 68.00 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 from 71.00 To 72.10 and stop loss below 70.00, might be appropriate.|