Crude pushed upwards to touch resistance for the minor ascending channel within the short term ascending channel. The negative signs appearing on momentum indicators make us expect natural trading within these channels; therefore we await a minor descend to touch 81.50, followed by a bullish rebound to continue the expected bullish intraday direction. the first target is at 82.50 followed by $83.45 per barrel, but keep in mind the importance of trading remaining above 80.70 to maintain chances of achieving these suggested scenario.

The trading range for today is among the key support at 80.15 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: 81.50, 81.00, 80.15, 79.80, 78.85
Resistance: 82.45, 82.70, 83.45, 84.00, 84.50
Recommendation: Based on the charts and explanations above our opinion is buying oil from 81.50 targeting 82.45 and stop loss below 81.00, might be appropriate.

Ecpulse

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