Crude is trading is an almost sideway manner, thus causing crude to exit from the descending channel, which organizes current trades, whereas these last trades took a more ascending wedge model that naturally targets the breach of its minor support levels presently at 69.60. Thus, we expect trading to return within this descending channel naturally and resume the bearish direction. From here, we expect a bearish direction over an intraday basis for today which will begin with the breach of 69.60; where its targets start from 68.95 next 68.00. These expectations support the negative signals appearing on the stochastic.
The trading range for today is among the key support at 67.00 and the key resistance at 71.15.
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 with the breach of 69.60 targeting 68.00 and stop loss above 70.50, might be appropriate.|
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