Afterplacing the top of82.40, crude reversed and descended to retest the previously breached resistance level 80.70. The ongoing negative pressure makes us expect to touch this level and rebound, where crude will achieve through a possible bullish intraday direction, supported by clearly positive signs on momentum indicators that target 82.40 then 83.45. It is vital that trading remain above pivotal support 80.70 - 80.45 to maintain chances of achieving this suggested scenario.
The trading range for today is among the key support at 79.70 and the key resistance at 83.45.
The general trend is to the upside as far as 65.60 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 80.70 targeting 82.00 and stop loss below 79.10, might be appropriate.|