Crude was able to achieve the suggest scenario yesterday perfectly touching the awaited key targets. After touching support for the descending channel, we witness a bullish correction for the last descend, in addition to trading within the mentioned descending channel. We recommend bullish intraday trend; targeting 75.35 that may extend towards 75.85, keep in mind that the breach 73.50 will pave the way to resume the bearish short term direction below the need to bullishly correct.
The trading range for today is among the key support at 72.00 and the key resistance at 76.25.
The short term trend is expected to the upside as far as 65.60 remains intact with targets at 90.00.
Previous Report Weekly ReportSupport73.6572.7572.4072.0071.15Resistance74.2575.0075.3575.8576.25RecommendationBased on the charts and explanations above our opinion is buying oil with the breach of 74.25 targeting 75.35 and stop loss below 73.65, might be appropriate.