Crude managed to reach half way to the target awaited since our midday report yesterday, where it traded again within the symmetrical triangular pattern, shown in the side image. We must pay attention to the next move, which will target the breach of one of the triangular pattern's ends; where we think it is more likely to carry the pair towardsthe upsideover intraday basis that targets first 80.55 and then attempts to breach the upside to resume the bullish short and medium term direction. Momentum indicators are currently neutral. Meanwhile, the expected bullish trend for today will remain intact if 78.90 with no four-huor closing below it.
The trading range for today is among the key support at 75.60 and the key resistance at 84.05.
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 78.90 and targeting 80.55 and stop loss below 77.90, might be appropriate|