Mid-day report

The 72.35 resistance level forced crude oil price to the downside, also we can notice on the chart above more pressures from the negative signs appearing on Stochastic. We still hold onto our expectations waiting fora clear breach to the mentioned resistance level, and then heading towards 74.90 dollar per barrel as a primary target for the current short term direction. It is vital that trading remains above 69.60 to maintain the upside move expected for today.

The trading range for today is among the key support at 67.75 and the key resistance at 76.60.

The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.

RecommendationBased on the charts and explanations above our opinion is buying oil with a breach of 72.35 To 74.90 and stop loss below 71.20, might be appropriate