Crude oil continued its incline to maintain trading above 66.60, shown yesterday, and nearing the main correctional 38.2% level at 67.60. The price still remains within the ascending correction for the last bearish wave from 71.82 to 65.00, where we expectit totouch67.60 before reversing back to resume the expected downside short term journey; supported bythe negative signs appearing on the stochastic, wheretargets are between 64.00 – 63.00. It is important that trading remains below 68.00 to maintain the expected downside move for today.
The trading range for today is among the key support at 62.65 and the key resistance at 69.20.
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 selling oil at 67.60 and targeting 66.60 and stop loss above 68.40, might be appropriate.|