Crude ascended to retest the previously breached support for the bullish channel that has currently turned into resistance, while it presently ascends to 76.10. Momentum indicators are showing clear overbought signs, thus adding strength to the mentioned resistance level; therefore we can expect a bearish intraday direction that will start its targets at 74.35 then 73.50. Keep in mind the importance that this scenario requires stabilizing trading below 76.10.
The trading range for today is among the key support around 73.50 and the key resistance around 76.95.
The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.
Previous Report Weekly ReportSupport75.1574.3573.5072.9072.05Resistance76.1076.9577.2077.7078.25RecommendationBased on the charts and explanations above our opinion is buying crude around 76.10 targeting 74.35 and stop loss above 76.95, might be appropriate.