The minor bullish pattern's neckline has been breached at 81.60, where it is supposed to carry crude towards levels around 82.00; placing crude above the neckline mentioned this morning at 81.90. Thus, our morning expectations will remain intact as we await the assurance of the four hour closing above 81.90. It is vital that the daily close remain above 80.70 to achieve these expectations.

The trading range for today is among the key support at 79.70 and the key resistance at 83.45.

The general trend is to the upside as far as 65.60 remains intact with targets at 85.00.

Support: 81.60, 80.70, 79.80, 79.10, 78.85
Resistance: 81.90, 82.70, 83.45, 84.00, 84.50
Recommendation: Based on the charts and explanations above our opinion is buying oil with the breach of 81.90 targeting 83.45 and stop loss below 80.70, might be appropriate.

Ecpulse

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