Crude yesterday pushed strongly to the upside and stabilized above the MA 50, returning through the ascending channel after failed attempts to breach it. The strong resistance stopped the pair's ascend 80.35; while the stochastic is showing positive signs that make us expect a bullish trend over an intraday basis, which will build a base on 79.50 - 79.30 then head towards achieving the targets that are mainly at $82.00 per barrel. The expected bullish direction requires the daily close to remain above 78.00.
The trading range for today is among the key support at 77.25 and the key resistance at 82.00.
The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.
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|Recommendation||Based on the charts and explanations above our opinion is buying oil from 79.50 targeting 80.75 and stop loss below 78.65, might be appropriate.|