Crude managed to reach the technical target yesterday as the expected scenario prevailed perfectly. Consolidating on the major support for the ascending channel shows that an upside wave is to start over intraday basis normally within the channel. Nonetheless, the buying saturation on Stochastic in addition to the MA 50 might restrict the bullish move. We await crude to stabilize above the MA -currently at 84.55- and then head towards targets at 87.00. The current short term move requires stability above 82.80.
The trading range for today is among the major support at 82.80 and the major resistance at 87.05.
The short term trend is to the upside as far as 65.60 is intact with targets at 88.00.
|Recommendation||Based on the charts and explanations above our opinion is buying crude with the breach of 84.55 targeting 86.20 and stop loss below 83.25 might be appropriate|