The oil price continued it's decline without finishing the upside correction towards retesting the key breach 66.40 to achieve 63.75 level until now. We still see that the price will descend further more targeting 59.50 dollar per barrel with chances of fast upside corrections anytime from the bullish pressures on the momentum indicators. The current downside movement regulates within the minor bearish channel, where we expect the resistance level to reach 64.55 and then reverse to the expected, downside. For the current downside wave to continue, 68.70 levels must remain intact.

The trading range for today is among the key support at 59.50 and the key resistance at 68.70.

The general trend is to the upside as far as 47.20 remains intact with targets at 76.25.

Support: 63.40, 62.50, 61.80, 60.40, 59.50
Resistance: 64.55, 65.60, 66.40, 67.15, 68.20
Recommendation: According to our analysis, sell oil below 64.55 with targets at 63.15 and stop loss with four-hour closing above 65.60

Ecpulse

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