Oil price closed yesterday's trading exactly on the waited target 85.20 stopping trading because of the Good Friday markets' holiday. Taking a look at the above chart, we can see the upside channel that organizes the short term wave, in addition to the minor upside channel that controls the intraday movements. The obvious overbought signals appearing on the momentum indicators might push the price towards some downside correction while we don't expect more bearish action that 83.40 level - the minor upside channel support - followed by short term up trend resumption. No trades for today, and we highly recommend to monitor next week opening, as we expect to witness some price gaps before price stables and resume the proposed upside action.

The short term trend is expected to the upside as far as 65.60 remain intact with targets at 88.00.

More Technical Analysis

Previous Report Weekly Report

Support84.6083.9083.4082.7581.95
Resistance85.2086.0086.8587.5088.00
RecommendationBased on what we mentioned above, and because of the market holiday, we highly recommend to monitor the next week opening and follow up with our next report that will be released on Monday morning.