Crude's trading istrapped within a sideway range between 78.50 and 79.35, where it is currently midway within the current bullish channel; therefore, any breach of both these levels will help crude gain speed in direction, where breaching 78.50 could lead to a direct descend towards 77.35, whereas the breach of 79.35 will push crude towards $81.00 per barrel initially. From here, we recommend observing trading for the levels mentioned to insure the upcoming direction more specifically.
The trading range for today is among the key support around 77.35 and the key resistance around 81.00.
The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.
Weekly ReportSupport78.5077.9577.3576.7076.15Resistance79.0579.5080.1081.0081.70RecommendationBased on the charts and explanations above our opinion is selling crude with the breach of 78.50 targeting 77.35 and stop loss above 79.40, or buying crude with the breach of 79.35 targeting 81.00 and stop loss below 78.50 might be appropriate.