Crude is trading within a sideway range since this morning between 72.50 and 73.50, with continuous positive signs appearing through momentum indicators. We are still awaiting for assurance that one of the pivotal levels 72.40 and 74.50 to be breached to determine the next short term intraday direction more precisely. Meanwhile, signs of the breach of 72.40 to the downside will pave the way to achieve a direct bearish move directly towards 70.15; while the breach of 74.50 will lead it towards 76.70.

The trading range for today is among the key support at 70.15 and the key resistance at 76.70.

The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.

Support: 72.90, 72.40, 71.80, 71.00, 70.15
Resistance: 74.50, 75.10, 75.80, 76.70, 77.20
Recommendation: Based on the charts and explanations above our opinion is to avoid trading awaiting more confirmation signs for the pair's direction, might be appropriate.

Ecpulse

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