The gradual ascend targeting crude yesterday caused crude to return into the previously breached ascending channel, but trading is still below MA 50. The opposite signs are appearing, where the breach of the neckline and returning above breached support is being met by stability below MA, in addition to negative signs through the stochastic. This makes us recommend observing trading today especially 84.70 and 83.70.
The trading range for today is among the key support at 82.90 and the key resistance at 86.35.
The short term trend is expected to the upside as far as 65.60 remains intact with targets at 88.00.
Previous Report Weekly ReportSupport84.0083.7082.9082.1081.40Resistance84.7085.5585.9086.3587.05RecommendationBased on the charts and explanations above our opinion is to avoid trading awaiting more confirmation signs for the pair’s direction, might be appropriate.