After several attemptsfrom crude to hit the support lineof the ascending channel, crude stronglyrebounded upwards to hit into horizontal resistance at 81.90; forming the neckline for the bullish technical pattern, where we expect it to be breached to pave the way to achieve a possible ascend over an intraday basis that will start with the breach of mentioned resistance. However, it is mainly targeting $83.45 per barrel. The suggested scenario will remain intact if the daily closing remains above 80.70.
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 with the breach of 81.90 targeting 83.45 and stop loss below 80.70, might be appropriate.|