Crude oil continued its pressure on main support levels for the upside channel between 67.00 and 67.50, while the daily close remained above these levels, thus keeping the upside tradeas it trades within this upside channel.Crude's attempts to gain upside momentum are continuous; while we await forthe breach of the minor resistance level at68.35 to openthe way towards its first target at 70.80 and then attempt to breach it, to ensure the start of the upside wave on the short term targeting 80.00 dollar per barrel. The uptrendremains intact as far as trading is above 67.50.
The trading range for today is among the key support at 65.00 and the key resistance at 73.15.
The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.
|Recommendation||Based on the charts and explanations above our opinion is buying oil from 68.35 To 70.80 and stop loss below 67.50, might be appropriate.|