Crude oilsucceeded in achieving the expected target, and breached the resistance level; which was expected in yesterday's report, to stop inclining near the 61.8% correction levelasshown in the image above. The short term trend isupwards with chances of achieving some fluctuations in the form of a bearish correction, where we expect is to be limited at 70.00; then continuing its expected upward journey,in an attemptto breach key resistance level at71.85 â€“ 61.8% correction- to then head towards 74.90 dollar per barrel. The upside direction will prevail if 69.00 remains intact.
The trading range for today is among the key support at 67.65 and the key resistance at 75.00.
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 71.85 To 73.00 and stop loss below 70.40, might be appropriate.|