Yesterday's suggested bullish technical pattern was activated, where crude managed to achieve $83.00 per barrel returning to near support for the ascending channel that organizes short term trading. We expect touching support at 80.90 then bullishly rebounding to resume through crude the bullish short term intraday direction; heading once again towards $83.00 per barrel. It is vital that the four hour closing remain above 80.70 to insure achieving these expectations. The MA 200 is shielding the current ascending channel's support.
The trading range for today is among the key support at 80.15 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.
|Recommendation||Based on the charts and explanations above our opinion is buying oil from 80.90 targeting 81.90 and stop loss below 80.15, might be appropriate.|