The minor bearish channel took control of crude yesterday, forcing it to depreciate after reaching its resistance levels. Presently, crude stands at 38.2% Fibonacci correctional level , where we expect thatit will push towards minor resistance again and where it is currently at 76.70 and then reverse to trade to the downside. From here we expect an overall bearish direction over an intraday basis that targets main support for the bullish direction at 74.75 and requires 77.00 to remain intact in the four hour close.
The trading range for today is among the key support at 74.75 and the key resistance at 79.50.
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 selling oil from 76.70 targeting 74.75 and stop loss above 78.00, might be appropriate.|