Crude oil continued its downward pressure, touching the support level for the downside channel and nearing the support level for the key ascending channel at 67.40, where as well momentum indicators reached oversold areas; making us expect an upward rebound in trading price. Thus, today we expect an upside move over intraday basis, initially targeting 71.75 dollar per barrel. It is vital that 67.40 remains intact to maintain the upside expectations for today.
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 68.25 To 71.75 and stop loss below 67.40, might be appropriate|