Crude touched the awaited support level yesterday around 90.70 after trading within a narrow range due to weak trading levels, while stochastic is giving off positive signs alongside SMA 50 protecting the bullish intraday trend from below. These factors make us expect a bullish intraday direction starting key targets around the ascending channel's resistance level at 94.00, but keep in mind that breaching 90.70 and paves the way towards revisiting the upside intraday channel's support level at 89.45 and testing its strength.
The trading range for today is among the key support around 89.45 and the key resistance around 94.00.
The short term trend is expected towards the upside as long as trading is above 84.00 with targets at 99.00.
|Recommendation||Based on the charts and explanations above our opinion is buying crude around 90.70 targeting 93.00 and stop loss below 89.45, might be appropriate.|