The bearish channel, shown in the image above, is still attempting to organize crude's trading; where it reached the support level last Friday at 75.60 and then rebounded to the upside and might have formed a bullish technical pattern, shown in the side image, where it awaits the breach of its neckline at 77.65, where in its role opens the wayfor an intraday bullish bullish move today; its main target is currently around 79.25. The current main bullish short term wave is around 80.40, while keeping in mind that trading must remain above 75.60 to maintain the expected bullish trend's continuation.
The trading range for today is among the key support at 73.60 and the key resistance at 81.85.
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 77.65 and targeting 79.25 and stop loss below 76.50, might be appropriate|