Crude oil achieved a slight decline yesterday afterreachinga minor resistance level, as seen in the above image, nearing the neckline for the possible bullish pattern at 68.95. We expect this technical pattern to contribute greatly in the price achieving an incline on an intraday basis; to initially target areas near 70.40 â€“keyresistance level for the minor bearish channel â€“ where a breakout will continue the medium term uptrend. The price's mission to incline requires two main factors; one being the breach of 68.95, and closing onthe four hour charts above it, and the second is trading to reamain above67.35.
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 68.95 To 70.40 and stop loss below 67.95, might be appropriate.|