Weekly Report (Aug 30 - Sep 3)
Crude appreciated strongly after settling above the previously breached downside channel's resistance levels, affected by the rising technical pattern that witnessed a breach for its neckline at 73.95 along with the momentum indicator's entering overbought areas. Accordingly, a downside correction to retest the neckline levels before rising further during this week with targets at 76.60, noting that a breach for 73.35 weakens the chances for an upside trend.
The trading range for today is among the key support at 72.70 and key resistance now at 78.30.
The general trend is to the downside as far as 84.00 remains intact with targets at 61.60.
|Recommendation||Based on the charts and explanations above our opinion is buying oil around 73.95 targeting 76.60 and stop loss below 72.70 might be appropriate|