Crude pushed strongly to achieve a close above $74.00 per barrel, which gave the bullish direction strength and assurance, especially after the push it got from the bullish technical pattern show in the side image above. Crude is currently trading within a bullish direction, presented by the main ascending channel; where its first main target is around $78.50 per barrel. From here we can expect a bullish direction over an intraday basis today, continuing through breaching 76.15 and requires trading to essentially remain above 73.50.
The trading range for today is among the key support at 71.60 and the key resistance at 78.50.
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 at 74.00 and targeting 76.15 and stop loss below 73.00, might be appropriate.|